Most business owners have a new requirement to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury.
It’s important for all businesses to determine if, what, and when they have to report, because willful non-compliance may result in civil or criminal penalties. Financial institutions and FinCEN collect different types of BOI, and for different reasons. As such, reporting BOI to financial institutions will not fulfill the need to report to FinCEN. Fortunately, the process of reporting to FinCEN is simple, secure, and free of charge!

Why the New Requirement?

BOI reporting is required per the Corporate Transparency Act (CTA), which the U.S. Congress passed on a bipartisan basis in January 2021. Requirements of the CTA are part of a larger effort to prevent bad actors from using shell companies to hide illegal activity like cyber threats, fraud, money laundering, terrorist financing, human trafficking, and much more. Your cooperation and the combined effort will help make our national security a little bit stronger!

The Office of the Minnesota Secretary of State notified all businesses earlier this year, and FinCEN has engaged in an extensive campaign to educate and assist businesses with reporting.

How to Report BOI

Unfortunately, your financial institution cannot report BOI on your behalf, but there are numerous free resources to assist you. Here are a few we recommend:

• FinCEN BOI homepage
• FinCEN Small Business Resources page
• FinCEN BOI FAQ page
• Subscribe to FinCEN updates

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