Role of BOIR in Enhancing Financial Transparency and Security
The Financial Crimes Enforcement Network (FINCEN), a bureau of the U.S. Department of the Treasury, plays a vital role in combating money laundering, terrorism financing, and other financial crimes. As part of its efforts to increase transparency in corporate ownership, FINCEN introduced the Beneficial Ownership Information Reporting (BOI) requirements, which mandate certain business entities to file detailed information about their beneficial owners. This article explores the FINCEN boir filing requirements, the entities affected, and the implications for businesses and their owners.
What is the BOI Filing?
The Beneficial Ownership Information (BOI) filing is a requirement under the Corporate Transparency Act (CTA), which was passed as part of the National Defense Authorization Act (NDA...