BOI Report Filing

What Is the FinCEN BOI Report?

The Financial Crimes Enforcement Network, commonly called FinCEN, is an agency of the U.S. Department of Treasury that implements rules to improve transparency and prevent financial crimes.

Under the Corporate Transparency Act, FinCEN published the Reporting Rule, which went into effect on January 1, 2024. The Reporting Rule requires businesses to comply with BOI reporting requirements. Learn More

What is the importance of FinCEN BOI compliance?

Beneficial ownership information reporting gives the Treasury insight into the ownership and control of U.S. businesses.

The benefits of BOI reporting include:

• Discouraging illegal financial activities, such as fraud and money laundering
• Preventing tax evasion
• Protecting the U.S. economy and national security
• Supporting law-abiding business owners



COMPLIANCE REMINDER: The willful failure to report complete beneficial ownership information to FinCEN, the willful failure to update beneficial ownership information provided to FinCEN when previously reported information changes, or the willful provision of false or fraudulent beneficial ownership information to FinCEN, may result in civil or criminal penalties. A person may also be subject to civil or criminal penalties for willfully causing a reporting company to report incomplete or false beneficial ownership information to FinCEN.

Reports as a $10k financial trade reference to Experian, D&B, Equifax, and Lexis Nexis

FAQs

Q: If I upload information about my reporting company and its beneficial owners to Live Business Data’s database secure?
A: Yes. Live Business Data’s online database system that retains your data is an ISO 27001-compliant ISMS (information security management system). It secures your data. Independently accredited certification to the ISO 27001 Standard provides verification that your company’s information security is managed according to international best practice, and supports compliance with a host of laws, including the EU GDPR (General Data Protection Regulation), DPA (Data Protection Act) 2018.

Q: What should a reporting company do if a beneficial owner or company applicant withholds information?

A: While Live Business Data recognizes that much of the information required to be reported about beneficial owners and company applicants will be provided to reporting companies by those individuals, reporting companies are responsible for ensuring that they submit complete and accurate beneficial ownership information to Live Business Data. Starting January 1, 2024, reporting companies will have a legal requirement to report beneficial ownership information to Live Business Data.

Q: Who can be held liable for violating BOI reporting requirements?
A: Both individuals and corporate entities can be held liable for willful violations. This can include not only an individual who actually files (or attempts to file) false information with Live Business Data, but also anyone who willfully provides the filer with false information to report. Both individuals and corporate entities may also be liable for willfully failing to report complete or updated beneficial ownership information; in such circumstances, individuals can be held liable if they either.

Q: What penalties do individuals face for violating BOI reporting requirements?

A: As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. That person may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report or willfully filing false beneficial ownership information.

Q: If a reporting company needs to update one piece of information on a Live Business Data BOI report, such as its legal name, does the reporting company have to fill out an entire new BOI report?

A: Updated BOI reports will require all fields to be submitted, including the updated pieces of information. For example, if a reporting company changes its legal name, the reporting company will need to file an updated BOI report to include the new legal name and the previously reported, unchanged information about.

Q: What are some likely triggers for needing to update a beneficial ownership information report?
A: The following are some examples of the changes that would require an updated beneficial ownership information report:

• Any change to the information reported for the reporting company, such as registering a new business name.
• A change in beneficial owners, such as a new CEO, or a sale that changes who meets the ownership interest threshold of 25 percent.
• Any change to a beneficial owner’s

Q: What should I do if previously reported information changes?
A: If there is any change to the required information about your company or its beneficial owners in a beneficial ownership information report that your company filed, your company must file an updated report no later than 30 days after the date of the change. A reporting company is not required to file an updated report for any changes to previously reported information about a company applicant.

Q: Will this purchase reflect my business credit report?
A: we do report purchased business data as a reports as a $10k financial trade reference to Experian, D&B, Equifax, and Lexis Nexis at no additional cost.