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Beneficial Ownership Information (BOI) Reporting
Understanding Beneficial Ownership Information (BOI) Reporting: A Guide for Business Owners
In the evolving landscape of business compliance, understanding Beneficial Ownership Information (BOI) reporting is crucial for business owners. The following information will guide you through the essentials, ensuring your business stays compliant and informed.
What is Beneficial Ownership Information (BOI) Reporting?
Beneficial Ownership Information (BOI) reporting refers to the mandatory disclosure of information about individuals who have significant control or ownership interests in a business entity. The primary goal of BOI reporting is to enhance corporate transparency. By identifying the individuals behind corporate entities, regulatory bodies can better track and prevent money laundering, fraud, and other illicit activities.
The Financial Crimes Enforcement Network (FinCEN), under the U.S. Department of the Treasury, oversees BOI reporting. FinCEN's new requirements aim to close loopholes that allow anonymous entities to hide their true owners.
Who Needs to Report?
A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control over a reporting company, or (2) owns or controls at least 25 percent of a reporting company’s ownership interests.
Your company must report beneficial ownership information to FinCEN if it falls into one of the following categories:
Corporations, Limited Liability Companies (LLCs), or similar entities created by the filing of a document with a secretary of state or any similar office in the United States.
Foreign companies formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.
When To Report?
FinCEN began accepting reports on January 1, 2024. Here are the key deadlines for reporting:
Companies Created or Registered Before January 1, 2024, must report BOI by January 1, 2025.
Companies Created or Registered in 2024 must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
Companies Created or Registered On or After January 1, 2025, must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
Updates or Corrections to previously filed beneficial ownership information must be submitted within 30 days
To learn more about BOI reporting and requirements, visit the following FinCEN resources:
Keep doing a great job in helping customers with fraudulent charges. Top notch support. Some of my friends have had these issues with fraud and they received ZERO support from their bank. (that was not FNCB)! Thank you!
Kate
Banked here for 15+ years. The staff are always helpful and knowledgeable, I recommend this bank to everyone I can!
Auir
Always treated as family with every interaction!
Byron
(Commercial Lender) was amazing to work with. My husband and I had a business idea and were not sure if the financing would work out. I'm so glad we called him. He was easy to work with, very responsive, and clearly knowledgeable in his field. Highly recommend.
Mindy
FNC Bank has been our bank for over 40 years! Never had any issues. Great service!
Richard
I appreciate that FNCB keeps up with all the current technology.
Kathryn
I have been with FNC bank for over 20 years and even though I have moved, I like the small town bank so I continue my accounts there.
Christyl
We have banked at FNC bank for over 20 years. We can not say enough about how helpful the personnel has been whenever we have needed help doing or understanding something.
Arthur
Really great bank, down to earth and personal. Does not have the corporate feeling vibe, long holds on the phone etc. High quality experience for sure. If buying a home, (FNC Bank) is truly fantastic.
Shawn
The best bank I have ever used. Everyone is has been so kind and helpful!
Lisa
I like the hometown feel and great customer service. I love the employees and they have went to great lengths to help me with things. Once I left my phone there and customer service called all my kids. Who does that? I love that they care that much.
Jean
I absolutely love this bank!! They are very personable and I have NEVER had an issue with anything!! I love the ability to work with a small bank that is NOT forced to follow the "Rules" of a corporate company!!
Cory
Have been extremely happy for the past 32 years as a customer.
James
This is the best bank ever! I love you guys for all you've done for me over the years!
Jennifer
(Mortgage lender) was fantastic at FNC Bank! He helped my family get a loan for our new home. We got a construction loan for a shouse/barndominium. I’ve always heard it can be a difficult process with a bank to get a loan for this type of home and he made it easy. He’s always helpful with any question I have and will give you a great experience.
Tiffany
Small town service with a smile, big city offerings!
Patty
We have been customers of FNCB for over 40 years and have been satisfied customers the whole way!
Doreen
Friendly and capable employees who go beyond the ordinary. I was very impressed with the loan officer who helped with the car loan I received even though the dealer was being ridiculous. It took people in the Hudson and New Richmond offices to get it done, but it was completed in one day.
Deborah
So far this year we have opened up savings accounts for our children and navigated a stolen debit card number/fraud. Customer service reps in both situations were wonderful.
Jamie
Did a great job with refinancing our mortgage, very helpful. Meet all of our regular banking needs with accuracy and a personal touch.
