Beneficial Ownership Information Registry

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Understanding the Beneficial Ownership Information Registry

 

What is the Beneficial Ownership Information Registry?

The Beneficial Ownership Information Registry (BOI) is a new initiative by the U.S. Department of the Treasury, specifically the Financial Crimes Enforcement Network (FinCEN), aimed at enhancing transparency in corporate ownership. This registry is part of the Corporate Transparency Act enacted in 2021, designed to combat illicit activities such as money laundering and fraud. 

An Introduction to Beneficial Ownership Information reporting

Key Features of the Registry:
  • Existing Companies: Must file by January 1, 2025.
  • New Companies: Required to file within 90 days of formation or registration.
  • Beneficial Owners: Name, date of birth, address, and identification number (e.g., from a U.S. driver’s license or passport).
  • Company Information: Name and address of the company, along with details about the individuals who formed the company.
    • The filing is simple, secure, and free of charge.
    • Reports need to be submitted only once unless updates are necessary.
    • BEWARE OF SCAMMERS. Please ensure that you do not share your confidential information with intermediaries and avoid paying for services that are available for free. For direct access, visit www.fincen.gov/boi

  • New Requirement of the Law: With very little exceptions, every company doing business in the United States must register with BOI before 01/01/2025.
  • Enhancing Security: The registry aims to eliminate corporate anonymity that can facilitate illegal activities.
  • Supporting Lawful Businesses: By ensuring transparency, the registry helps protect legitimate businesses from unfair competition.                 











If you have questions or need assistance regarding the Beneficial Ownership Information Registry, please contact your Relationship Manager or visit your local branch for more information.