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Understanding the timeline for Beneficial Ownership Information (BOI)

ARTICLE | April 22, 2024

Authored by Schlenner Wenner & Co


The United States Treasury's Financial Crimes Enforcement Network (FinCEN) has recently updated its Frequently Asked Questions (FAQs) concerning the phase-in schedule for access to Beneficial Ownership Information (BOI). This important initiative is a part of Section 6403 of the Corporate Transparency Act (CTA), aiming to enhance transparency and combating financial crimes.

Companies are required to provide comprehensive information about themselves and their beneficial owners and applicants. Non-compliance with these requirements can lead to substantial fines and prison terms.

Click here to learn more about small business owners requirements and/or contact our office so we may assist you.

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