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FinCEN Releases Updated Beneficial Ownership Information Frequently Asked Questions

The Financial Crimes Enforcement Network (FinCEN) released updates to its Beneficial Ownership Information (BOI) Frequently Asked Questions to include new questions related to general questions, the BOI reporting process, reporting companies, reporting requirements, initial reports, updated reports, compliance and enforcement, FinCEN identifiers, and third-party service providers.

SWACCA has been deeply engaged on FinCEN’s beneficial ownership rulemaking, including securing provisions in the initial rulemaking implementing the beneficial ownership reporting regime that ensured many SWACCA members and affiliates will be exempt from reporting their beneficial owners. SWACCA has also been advocating to ensure the beneficial ownership database can be used to pursue misclassification investigations.

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