Beneficial Ownership Information, or BOI for short, is the data pertaining to individuals who own an entity directly or indirectly through a chain of ownership. When discussing corporate compliance and transparency, this is a crucial corporate word.
Here at AIT, we make BOI reporting easier by keeping your company in good books with updated regulation requirements.
FinCEN has laid down strict regulations regarding who may have access to the beneficial ownership. Access may also be provided to Federal, State, local, and Tribal officials, and certain foreign officials where access is requested through a U.S. Federal agency, for national security, intelligence, or law enforcement purposes with the relevant reporting company's consent, financial institutions may also have access to this information under appropriate circumstances. Regulators of financial institutions may also have access to beneficial ownership information during their supervisory activities.
As of December 22, 2023, FinCEN has promulgated a rule about the accessing and safeguarding of beneficial ownership information. It shall be kept on a non-public database and subjected to tight security to ensure confidentiality. Any person accorded with access to such data shall know proper roles and responsibilities concerning the said sensitive information.
FinCEN demands that each privately held corporation file its beneficial ownership information using a BOIR. It is all about proper corporate records. In case of failure to file a BOIR, there are severe penalties: civil penalties that extend to $500 for every day in default and criminal punishments that may include but not be limited to imprisonment for two years and/or a fine of up to $10,000.
At AIT, we give professional services in preparing and filing your BOIR with FinCEN. Our expertise will keep your corporate records current to ensure that your entity does not fall into inactive status under the house rules of FinCEN. We take that responsibility off your shoulders so you can attend to your business operation while knowing that compliance matters are taken care of.
Let us assist you in fulfilling all BOI reporting requirements in an expedited yet professional manner.