FinCEN updates beneficial ownership information resources

The Financial Crimes Enforcement Network updated its beneficial ownership information frequently asked questions, Small Entity Compliance Guide, quick reference materials, and informational video.

Updated Materials: Available on FinCEN’s beneficial ownership information webpage, the updated materials now reflect the recently extended reporting deadline extension for companies created or registered in 2024 to file their initial BOI reports.

Extension Details: Reporting companies created or registered in 2024 will have 90 calendar days from the date of receiving actual or public notice of their creation or registration to file their initial reports. Reporting companies created or registered in 2025 will continue to have 30 calendar days to file their initial BOI reports.

Background: Starting Jan. 1, many U.S. companies will have to report information about their beneficial owners—the individuals who ultimately own or control the company.

ICBA View: ICBA last month expressed support for the agency’s proposal to extend the filing deadline to 90 days. ICBA has repeatedly called on FinCEN to withdraw beneficial ownership requirements for banks now that it is required to collect this information directly from reporting companies.