FAQ

FINCEN compliance, Business Ownership Information Report, Corporate Transparency Act some of these words can be quite the tongue twister. And as a small or medium business owner, dealing with these laws can be just as confusing.

We have collected some of your most common questions about the topic and have compiled a list of answers. We hope this will make it easier for you to make sure your business stays compliant. And, if you still have any questions or need assistance, always feel free to reach out to us!

Now, let’s get into the questions and answers:

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Questions About FINCEN and Compliance

The Financial Crimes Enforcement Network, better known as FINCEN, is a bureau within the U.S. Department of the Treasury. What does it do? Its main goal is to protect the integrity of the financial system by deterring illicit uses, countering money laundering, and enhancing national security. This is achieved through the careful gathering, analyzing, and sharing of financial intelligence. Additionally, FINCEN guarantees that entities adhere to necessary regulations that help detect and curb financial crimes.

Questions About Business Ownership Information (BOI) Reporting

A BOI report is a Business Ownership Information report. This document shines a light on the identities of beneficial owners. These are individuals who either own more than 25% of the company or play a significant role in its control, management, or direction. The purpose? To increase transparency in business ownership and prevent the misuse of corporate entities.

Questions on Filing your Business Ownership Information Report

To file your Business Ownership Information (BOI) report, you'll need a few important pieces of documentation:
  • Identification details for each beneficial owner, like names, addresses, and dates of birth.
  • Contact information for all beneficial owners.
  • The specific percentage of ownership or the nature of control held by each beneficial owner.
  • The entity's incorporation or formation documents.
  • Any additional documents that confirm the ownership structure and control, such as operating agreements or trust agreements.