Reporting of Beneficial Ownership Information to the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN)
UPDATE: Due to a recent federal court order, reporting companies are not currently required to file beneficial ownership information with U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and are not liable if they fail to do so while the order remains. For more information on this please contact FinCEN (FinCEN.gov/BOI).
- As of January 1, 2024, certain types of corporations, limited liability companies, and other similar entities created in or registered to do business in the United States must report information about their beneficial owners—the persons who ultimately own or control the company—to FinCEN. Additional information about the reporting requirements, including answers to questions such as “is my company required to report beneficial ownership information to FinCEN,” “who is a beneficial owner,” and “when do I need to report my company’s beneficial ownership information" is available on FinCEN’s beneficial ownership information webpage, FinCEN.gov/BOI.
- A Small Entity Compliance Guide has been issued by FinCEN to help small businesses understand the reporting requirements and determine if they are required to report their beneficial ownership information.
- You can also subscribe to FinCEN Updates for future guidance documents.
- On January 1, 2021, the FY 2021 National Defense Authorization Act became Public Law 116-283. The law requires certain corporations and LLCs to report beneficial ownership information to the U.S. Department of the Treasury.
- NASS Summary of the beneficial ownership reporting requirements in the FY 2021 National Defense Authorization Act.
As the officials who oversee the 50-state incorporation process in the U.S., Secretaries of State are dedicated to assisting federal law enforcement in cracking down against criminals who attempt to hide behind front companies and shell entities.
State business entity formation processes are ministerial in nature. Additionally, entity information filed with the state business registry is public information.
