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FinCEN Issues Compliance Guide to Help Small Businesses Report Beneficial Ownership Information

Immediate Release

September 18, 2023

WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. Starting in 2024, many entities created in or registered to do business in the United States will be required to report information about their beneficial owners—the individuals who ultimately own or control a company—to FinCEN. The Guide is intended to help businesses determine if they are required to report their beneficial ownership information to FinCEN. 

“This guide is the latest in our ongoing efforts to educate the public about these important new requirements,” said Andrea Gacki, Director of FinCEN. “We are committed to making this process as simple as possible, particularly for small businesses.”

“This is also a critical step towards implementing the Corporate Transparency Act, which will help the Treasury Department and FinCEN expose bad actors abusing the U.S. financial system by hiding their identity behind opaque corporate structures,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson. 

The Guide is now available on FinCEN’s beneficial ownership information reporting webpage.

Among other things, the Guide:

Describes each of the BOI reporting rule’s provisions in simple, easy-to-read language;

Answers key questions; and

Provides interactive checklists, infographics, and other tools to assist businesses in complying with the BOI reporting rule.

The requirements become effective on January 1, 2024, and companies will be able to begin reporting beneficial ownership information to FinCEN at that time. FinCEN will provide additional guidance on how to submit beneficial ownership information soon. Small businesses can continue to monitor FinCEN’s website for more information or subscribe to FinCEN updates.

You may contact FinCEN with questions about the BOI reporting requirements at this webpage. As always, if you have any questions about Title Insurance or if there is anything else we can do to assist you, please contact us at (212) 239-8789.

This bulletin is sent courtesy of CB Title Agency of NY, LLC and NYSLTA. This article is for informational purposes only and is not intended to provide legal advice, but rather to provide insight into legal developments and issues that may be useful to our clients and friends. In no circumstance is this article intended to be a full treatment of the above subject matter. Reader is advised to obtain additional information as noted.