The Beneficial Ownership Information Report (BOIR) is a new requirement under the Corporate Transparency Act (CTA) for U.S. businesses. It’s designed to increase transparency in business ownership and help combat financial crimes.
Key Points About the BOIR:
Required by the Financial Crimes Enforcement Network (FinCEN)
Applies to most U.S. businesses
Deadline for filing is January 1st, 2025
Failure to file can result in penalties of up to $500 per day
What Information is Reported?
The BOIR requires businesses to report details about their beneficial owners, including:
Full legal name
Date of birth
Current residential or business address
Unique identifying number (e.g., passport or driver’s license number)
Why is the BOIR Important?
The BOIR helps:
Prevent money laundering and other financial crimes
Improve corporate accountability
Assist law enforcement in investigations
For more information, click here.
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