FinCEN Launches Beneficial Ownership Registry

FinCEN started accepting beneficial ownership reports as of January 1, 2024.

As previously covered, the FinCEN beneficial ownership information ("BOI") rule was adopted as part of the implementation of the Corporate Transparency Act and enacted as part of the Anti-Money Laundering Act of 2020. Existing companies formed or registered to do business in the United States before January 1, 2024 must file with the new registry by January 1, 2025. Reporting companies created or registered to do business in the United States in 2024 have "90 calendar days to file after receiving actual or public notice that their company's creation or registration is effective" and must also include information about the individuals who formed the company ("company applicants").