Millions of privately held businesses will soon be required to report the identities of those individuals who own and control them to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). This new beneficial ownership information (BOI) reporting obligation will begin Jan. 1, 2024. It results from the enactment of the Corporate Transparency Act (the CTA) and FinCEN’s issuance of the final regulations on how the reporting will work.
These BOI reports will feed data into a new, centralized, BOI registry, which FinCEN will maintain. This registry will be confidential to the public but will be accessible to federal, state, local and foreign law enforcement agencies.
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