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FinCEN’s Beneficial Ownership Information Guidance Materials

The Financial Crimes Enforcement Network (FinCEN) has updated its Beneficial Ownership Information (BOI) Frequently Asked Questions, Small Entity Compliance Guide, quick reference materials, and informational video.

These guidance materials now reflect the reporting deadline extension for companies created or registered in 2024 to file their initial BOI reports. Updated translations of these guidance materials will be forthcoming.

Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners — the individuals who ultimately own or control the company. Companies will be able to begin reporting beneficial ownership information to FinCEN at that time.

FinCEN will continue to provide guidance on how to submit beneficial ownership information:

Access the ‘Compliance Hotline’
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:

Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!

Additionally, other League-member compliance resources include:

  • ViClarity
  • CU PolicyPro
  • ComplySight
  • InfoSight
  • CU Store
  • Record Retention Guide
  • GRC Technology Solutions

For more information, email Lisa Quaranta.

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