Overview: Beneficial Ownership Information (BOI) Requirements

Event description

As of January 1, 2024, the bipartisan Corporate Transparency Act requires most companies doing business in the United States to report information to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) about the individuals who ultimately own or control them. The law was passed to curb illicit finance and protect U.S. national security. Filing is simple, secure, and free of charge.

Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:

• Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025.
• Newly created or registered companies: 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. Beginning in 2025, newly created or registered companies will have 30 days.

Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information.

Webinar

Join us for a guest speaker from the U.S. Treasury Financial Crimes Enforcement Network (FinCEN) for an overview of reporting requirements, and a walk-though example of how to file your report. We will have time for Q&A after the presentation.

Guest Speaker

Phil Lam | Beneficial Ownership Operation and Innovation Chief, FinCEN

Phil Lam leads the effort to enhance transparency of corporate ownership for the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. FinCEN safeguards the U.S. financial system by investigating money laundering, terrorism financing, and other financial crimes. With over 15 years of experience, Phil has worked as a management consultant, product development leader, and strategist. In 2013, he served on a White House initiative to promote trusted digital identities, where he led government investments in innovative technologies on strong authentication, identity verification, and privacy preserving architectures. Phil holds a Bachelor of Science in Computer Engineering from Northwestern University and an MBA from Purdue University.