Effective as of January 1, 2024, the updated Corporate Transparency Act (CTA) requires many corporations, limited liability companies, and other entities (reporting companies) to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). This change enables the government division, FinCEN, to remain vigilant against money laundering, financial terrorism, organized crime, and other financial crimes. There is a filing deadline of January 1, 2025, for companies created before January 1, 2024, and a 90-day deadline if your company was registered on or after January 1, 2024.

With any new requirement, we are expecting that you will have questions about FinCEN, BOIR, and what the best solution is for your filing needs. Below, we hope to answer all these questions and more.

What is BOIR?

Beneficial Ownership Information Reporting (BOIR) is the process of reporting beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN).

Who is a Beneficial Owner?

A beneficial owner includes anyone who, directly or indirectly, exercises substantial control over a reporting company. Examples of beneficial owners are:

Senior officers.
Someone with authority to appoint or remove certain officers or most directors of the reporting company.
Important decision makers.
Anyone else who may have substantial control over a reporting company.

What is FinCEN?

FinCEN stands for Financial Crimes Enforcement Network. FinCEN is a government bureau, under the U.S. Department of Treasury, which maintains a prevention network that works to prevent and punish financial criminals.

Who is FinCEN Filing Agents?

FinCEN Filing Agents is your BOIR filing solution! The Beneficial Ownership Information Reporting software, powered by FinCEN Filing Agents, provides technological solutions that empower Service Providers and self-registrants to meet compliance needs efficiently and effectively. Our BOIR platform is tailored to simplify the complexities of FinCEN reporting, aided by advanced features and intuitive design. Connect with EdgarAgents today at boi@edgaragents.com to discover how FinCEN Filing Agents can be your BOIR filing solution!