The Department of the Treasury’s Financial Crimes Enforcement Network, also known as FinCEN, has started accepting reports on beneficial ownership information, or BOI, as part of efforts to address illicit finance.
Existing companies have until Jan. 1, 2025, to file their initial reports and newly registered or created businesses have 90 days to file following receipt of public notice of registration or creation, the Treasury said Monday.
Reporting companies should provide information on their beneficial owners, including the name, date of birth, address and the identifying number and issuer from a non-expired U.S. passport or driver’s license.
Treasury Secretary Janet Yellen said the launch of the country’s beneficial ownership registry is a key step in protecting U.S. economic and national security.
“Having a centralized database of beneficial ownership information will eliminate critical vulnerabilities in our financial system and allow us to tackle the scourge of illicit finance enabled by opaque corporate structures,” Yellen added.
In December, FinCEN released a final rule on BOI access and safeguards in accordance with the provisions of the Corporate Transparency Act.