FinCEN News
FinCEN Issues Final Rule Clarifying the Exemption of Certain Telecommunications Service Providers from Beneficial Ownership Information Reporting Requirements
10/17/2024
Today, the Financial Crimes Enforcement Network (FinCEN) issued a final rule to clarify that certain telecommunications service providers qualify as “regulated public utilities” and are exempt from the Corporate Transparency Act’s beneficial ownership information reporting requirements. The final rule is effective immediately upon publication in the Federal Register.
To find out more about the reporting process, visit https://www.fincen.gov/boi.
FinCEN Updates Frequently Asked Questions on Beneficial Ownership Information
10/03/24
The information below is available at Fincen.gov.
The Financial Crimes Enforcement Network (FinCEN) has updated some of its Beneficial Ownership Information Frequently Asked Questions and issued several additional ones. The topics covered are:
A. General Questions
- Access to BOI (A3 and A6)
B. Reporting Process
- Who Can File a BOI Report (B7 and B8)
- Unauthorized Practice of Law (B9)
- How to Report Multiple Beneficial Owners and Company Applicants (B10)
C. Reporting Company
- What Are Considered Similar Offices (C17)
- Corporate Conversion (C18)
- Registering in Multiple States (C19)
D. Beneficial Owner
- Number of Beneficial Owners (D1i)
- No Beneficial Owners with Ownership Interest (D1ii)
- Community Property (D18)
F. Reporting Requirements
- Acceptable Identification Documents (F5i, F5ii, F15)
- Reporting Company Address (F12)
- Address Confidentiality Programs (F14)
L. Reporting Company Exemptions
- Subsidiary Exemption (L3i, L6)
- PIV Exemption (L10)
- Operating from a Personal Residence (L11)
M. FinCEN Identifier
- FinCEN Identifier Use and Updates (M2 and M5i)
N. Third-Party Service Providers
- Third-Party Service Providers (N4)
To find out more about the reporting process, visit https://www.fincen.gov/boi.
Frequently Asked Questions: https://www.fincen.gov/boi-faqs
FinCEN Seeks Comments on the Information to be Collected from Authorized Recipients Requesting Beneficial Ownership Information
07/22/2024
The information below is available at Fincen.gov.
The Department of the Treasury, on behalf of the Financial Crimes Enforcement Network (FinCEN), will publish in the Federal Register a 30-day notice pursuant to the Paperwork Reduction Act of 1995 (PRA) for beneficial ownership information requests (BOI requests). This notice follows a 60-day notice on BOI requests that FinCEN previously issued for public comment.
The 30-day notice seeks comment on the information to be collected from certain authorized recipients requesting access to beneficial ownership information, consistent with the requirements of the Beneficial Ownership Information Access and Safeguards Rule. The Corporate Transparency Act authorizes government agencies as well as financial institutions and their regulators to obtain beneficial ownership information under certain specified circumstances for national security and law enforcement purposes.
This 30-day notice gives the public an opportunity to comment on: (1) the information to be collected from certain persons requesting beneficial ownership information from FinCEN; and (2) FinCEN’s estimate of the burden involved in the information collection. Comments must be submitted by August 22, 2024.
Federal Register Notice: https://www.federalregister.gov/public-inspection/2024-16174/agency-information-collection-activities-proposals-submissions-and-approvals-beneficial-ownership
FinCEN Updates Frequently Asked Questions on Beneficial Ownership Information
07/08/2024
The information below is available at Fincen.gov.
The Financial Crimes Enforcement Network (FinCEN) has updated its Beneficial Ownership Information Frequently Asked Questions to include new information for entities that are disregarded for U.S. tax purposes, as well as updated information that addresses the timeframe for obtaining an Employer Identification Number (EIN) from the IRS.
To find out more about the reporting process, visit https://www.fincen.gov/boi.
Frequently Asked Questions: https://www.fincen.gov/boi-faqs
Alert: June 2024
FinCEN has learned of fraudulent attempts to request information from individuals and entities that may be subject to reporting requirements under the Corporate Transparency Act.
These fraudulent scams may include:
Correspondence that asks the recipient to click on a URL or scan a QR code. These emails or letters are fraudulent. Do not click on any suspicious links or attachments or scan any QR codes in unsolicited emails, websites, or mail.
Correspondence that refers to a “Form 4022” or an “Important Compliance Notice.” This correspondence is fraudulent. FinCEN does not have a “Form 4022.” Do not send the BOI report to anyone by completing these forms.
