Beneficial Ownership Information Report (BOIR)
In this release we introduced functionality to support a private companies Beneficial Ownership Information (BOI) Reporting to the Financial Crimes Enforcement Network (FinCEN). Corporate administrators can populate their reporting company, company applicants and beneficial owners information within a new BOI Reporting area of the product before submitting this information online. We have also introduced a new FAQ section to enable clients better under their filing obligations to FinCEN by providing additional information on how to complete their reporting obligations.
BOI reporting involves providing identifying details such as names of individuals who own or control a business. The filing of this information with Financial Crimes Enforcement Network (FinCEN) is now a legal requirement under the Corporate Transparency Act which came into effect from the 1st January 2024.