FinCEN will not impose fines or penalties related to the deadlines for reporting beneficial ownership information.
FinCEN (Financial Crimes Enforcement Network) has decided not to impose fines or penalties for not filing or updating beneficial ownership information (BOI) reports. BOI is the previously set requirements for Beneficial Ownership Information Report (BOIR) is a federal requirement introduced under the Corporate Transparency Act (CTA) that mandates businesses to share ownership information. FinCEN stated…