Going “regtech” for compliance

Compliance: FinCEN issues BOI reporting guidance

March 24, 2023

The Financial Crimes Enforcement Network (FiNCEN) issued guidance Friday on its Beneficial Ownership Information (BOI) reporting rule, which is effective Jan. 1, 2024.

The Corporate Transparency Act (CTA) establishes uniform beneficial ownership information reporting requirements for certain types of corporations, limited liability companies, and other similar entities, and authorizes FinCEN to collect that information. The CTA is part of the Anti-Money Laundering Act of 2020.

Information published by FinCEN includes: