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This law passed in 2021, created a new beneficial ownership information (BOI) reporting requirement. Starting January of 2024, this report will be required for many entities, as part of the U.S. government's efforts to address financial crimes.

FinCEN announced a new Small Entity Compliance Guide to assist the small business community learn about and complying with the beneficial ownership information (BOI) reporting rule. Many entities created in, or registered to do business in, the United States will be required to report to FinCEN information about their beneficial owners - the individuals who ultimately own or control a company.

FinCEN has issued FAQs about the BOI reporting requirements incorporating content from the Small Entity Compliance Guide, which is accessible by clicking the guide cover.