The Financial Crimes Enforcement Network began accepting beneficial ownership information reports.
Background: The agency’s September 2022 BOI reporting rule requires most U.S. corporate entities to report to FinCEN information about their beneficial owners—those who ultimately own or control the company.
Reporting companies created or registered to do business in the United States before Jan. 1, 2024, must file by Jan. 1, 2025.
Reporting companies created or registered in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.
ICBA View: ICBA has repeatedly called on FinCEN to withdraw beneficial ownership requirements for banks now that it is required to collect this information directly from reporting companies.