Time is Running Out to File!
NEW FINCEN REQUIREMENTS
Have You Filed for Your Business?
Have you filed for the new BOIR (Business Operations and Information Reporting) requirements, recently mandated by the Financial Crimes Enforcement Network (FinCEN)?
**This is an important regulatory compliance that may significantly impact your operations as well**
By requiring companies to disclose their beneficial owners, the Act increases transparency and aims to prevent misuse of corporations and LLCs for unlawful purposes – prevent money laundering, terror financing, human trafficking etc. As per the requirements a reporting entity needs to report information about two types of individuals, Beneficial Owners and Company Applicants.
Compliance to this is essential to avoid regulatory penalties such as:
- Civil penalties up to US $500/day till the violation is resolved.
- Criminal penalties including up to 2 years of imprisonment and/or a fine of up to US $10,000.
Timelines for Compliance
Note: Any amendments/updates regarding the information about the reporting company or its beneficial owners must be updated within 30 calendar days from the date of change.
Who Must File?
Reporting is required for “reporting companies,” classified either as a domestic or foreign entity, unless an exemption applies.
Exemptions
Entities such as:
- Banks
- Credit Unions
- Certain Investment Entities
- Others listed in the BOIR guide
To confirm if these exemptions apply to you, thorough verification is advised.
What should you do?
To ensure compliance or to discuss your specific circumstances, feel free to reach out to us. Our team is here to assist you with understanding your obligations and facilitating the filing process to avoid any potential penalties.
What we need to get your business filed:
To complete the FinCEN filing for your business, we will need a few important details from each owner to ensure accuracy and compliance. Please provide the following information at your earliest convenience:
- Full Name of each owner
- Social Security Number (SSN) for each owner
- A copy of a photo ID for each owner
- Your business’s EIN number
Your prompt response with these items will help us proceed with the filing smoothly and efficiently.
The filing fee for submitting your business information with FinCEN is $250. This fee covers the preparation and submission of all required documents to ensure your business remains compliant with FinCEN regulations. Please let us know if you have any questions or if you’re ready for us to proceed with the filing.
