Welcome to the BOI E-Filing System

The BOI E-Filing System allows electronic filing of Beneficial Ownership Information Report (BOIR) under the Corporate Transparency Act(CTA). Under the provisions of CTA system, American and foreign entities are specifically required to feed their beneficial ownership details into FinCEN – a bureau that operates under the United States Department of Treasury.

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What is the Beneficial Ownership Information Report (BOIR)?

The Beneficial Ownership Information Report (BOIR) is a new requirement under the Corporate Transparency Act (CTA) for U.S. businesses, designed to enhance transparency in business ownership and combat financial crimes. This mandate requires companies to report details about their beneficial owners—individuals who directly or indirectly own or control the company—to the Financial Crimes Enforcement Network (FinCEN) to comply with the CTA.

Effective from January 1, 2024, the BOIR rule imposes critical deadlines for many businesses to file their reports this year. Given the serious criminal and civil penalties for failing to comply, including fines and potential imprisonment, it's essential for businesses to understand and meet this legal obligation fully.

Key Points About the BOIR:

Required by the Financial Crimes Enforcement Network (FinCEN)
Applies to most U.S. businesses
Deadline for filing is January 1st, 2025
Failure to file can result in penalties of up to $500 per day

What Information is required to be Reported?

The BOIR mandates that businesses provide information about their beneficial owners. This information includes:

Full legal name: The complete name of each beneficial owner, ensuring accurate identification.
Date of birth: The birthdate of each owner, which helps verify their identity.
Current residential or business address: The current address where each beneficial owner resides or conducts business, providing a reliable point of contact.
Unique identifying number: This can be a passport number, driver's license number, or another government-issued identification number, which aids in confirming the owner's identity and preventing fraud.

Why is the BOIR Important?

The BOIR serves to:

Prevent money laundering and various financial crimes
Enhance corporate accountability
Aid law enforcement in their investigations

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International

FinCEN is the U.S. Financial Intelligence Unit

Statutes & Regulations

Information on U.S. Anti-Money Laundering and Counter-Terrorism Financing Regulations

Value of FinCEN Data

FinCEN Data Has Played a Significant Role in Successful Prosecutions

Law Enforcement

FinCEN Supports Local, State, Federal, and International Law Enforcement Investigations

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Beneficial Ownership Information Report

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