FinCEN Proposed Beneficial Ownership Information Form

Last fall the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued its final rule to implement the beneficial ownership information (“BOI”) reporting required by the 2020 Corporate Transparency Act.

On January 17, 2023, FinCEN issued a proposed version of the report that it intends to use to collect the beneficial ownership information.  FinCEN will be accepting comments on the proposed report through March 20, 2023.  Please note, because the implementation rules have already been finalized, FinCEN is only seeking comments on the draft report form itself.

Under the new rules, unless they qualify for an exemption, foreign and domestic companies, including domestic corporations, limited liability companies, limited liability partnerships, business trusts and other entities will be required to report information regarding their company and beneficial owners.