BOI Reporting Obligations Reinstated

The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is the agency that enforces the Corporate Transparency Act (CTA). Recently, FinCEN sent out a notice indicating a new deadline of March 21 for small businesses to comply with its beneficial ownership information (BOI) reporting requirement.

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Beneficial Ownership Information (BOI) Reporting Requirments

As part of the Anti-Money Laundering Act of 2020 and the Corporate Transparency Act (CTA), the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) was authorized to collect beneficial ownership information (BOI) and establish reporting requirements for certain corporations, limited liability companies and similar entities created in or registered to do business in the U.S.

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