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  • Small Entity Compliance Guide – FinCEN’s How to Guide

Small Entity Compliance Guide – FinCEN’s How to Guide

Detailed Instructions on the Corporate Transparency Act & How Its Report Requirements

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist businesses in complying with the beneficial ownership information (BOI) reporting rule of the Corporate Transparency Act.  Starting in 2024, many entities created in or registered to do business in the United States must report information about their beneficial owners — the individuals who ultimately own or control a company— to FinCEN.  This Small Entity Compliance Guide is intended to help businesses determine if they are required to report their beneficial ownership information to FinCEN.

“This guide is the latest in our ongoing efforts to educate the public about these important new requirements,” said Andrea Gacki, Director of FinCEN.  “We are committed to making this process as simple as possible, particularly for small businesses.”

“This is also a critical step towards implementing the Corporate Transparency Act, which will help the Treasury Department and FinCEN expose bad actors abusing the U.S. financial system by hiding their identity behind opaque corporate structures,” said  Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson.

Among other things, the Guide:

  • Describes each of the BOI reporting rule’s provisions in simple, easy-to-read language;
  • Answers key questions; and
  • Provides interactive checklists, infographics, and other tools to assist businesses in complying with the BOI reporting rule.

The Corporate Transparency Act becomes effective on January 1, 2024, and companies will be able to begin reporting beneficial ownership information to FinCEN at that time.  FinCEN will provide additional guidance on how to submit beneficial ownership information soon.  Small businesses can continue to monitor this website for more information or subscribe to FinCEN updates.

Download the Small Entity Compliance Guide at:

https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide_FINAL_Sept_508C.pdf