A “toolkit” for complying with reporting requirements of “beneficial ownership information” (BOI) rules – as well reaching out to businesses on reporting – is now available from the U.S. Treasury’s financial crimes enforcement arm.
According to the Financial Crimes Enforcement Network (FinCEN), the toolkit is meant to help familiarize small businesses with BOI requirements. The requirements were mandated by the 2021 Corporate Transparency Act, which Treasury said aims to “curb illicit finance by supporting law enforcement efforts.
Under the law, many small businesses are required to report basic information to the federal government about the real people who ultimately own or control them, Treasury said.
In a release, FinCEN said the toolkit contains templates and sample content structured to allow private, public, and non-profit organizations to share and amplify ownership information.
“The toolkit includes general background on the reporting requirements, as well as templates for newsletters, websites, and emails; sample social media posts and images; and information on how to contact FinCEN,” the agency said.
FinCEN noted that filing the information is free and secure. Filing is not required annually, unless a unless a company needs to update or correct information. Otherwise, it only must file once.
FinCEN Publishes Beneficial Ownership Reporting Outreach and Education Toolkit