Key Points About the BOIR:
• Required by the Financial Crimes Enforcement Network (FinCEN)
• Applies to most U.S. businesses
• Failure to file can result in penalties of up to $592 per day
What Information is Reported?
• Full legal name
• Date of birth
• Current residential or business address
• Unique identifying number (e.g., passport or driver’s license number)
Get Compliant:
BOI Reporting is a federal requirement that must be completed within 30 days of your business being formed or if any changes to your beneficial owner information exist.
Why is the BOIR Important?
•Prevent money laundering and other financial crimes
•Improve corporate accountability
•Assist law enforcement in investigations