FinCEN Adds New FAQs to Help Compliance With Beneficial Ownership Rule
June 11, 2024
The Financial Crimes Enforcement Network (FinCEN) updated its list of frequently asked questions (FAQs) to help companies comply with the Beneficial Ownership Information (BOI) reporting rule that went into effect Jan. 1.
The rule requires many companies to report information to the U.S. government about the individuals who ultimately own or control the company.
The new FAQs address questions about Native tribes, homeowners associations and identification needed under the reporting requirements, among other issues.
A federal judge in Alabama ruled in March that the Corporate Transparency Act, which imposed the disclosure requirements, is unconstitutional. The government is appealing the ruling, which prevents the Treasury Department from enforcing the CTA against the plaintiffs. In a release, FinCEN said it will comply with the court’s order for as long as it remains in effect.
Click here for more information and to learn if you need to report.
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