FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.

No. No one needs to report beneficial ownership information to FinCEN until January 1, 2024. FinCEN is currently not accepting any beneficial ownership information reports.

A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.

A reporting company created or registered on or after January 1, 2024, will have 30 days to file its initial beneficial ownership information report. This 30-day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.

Companies required to report are called reporting companies. There are two types of reporting companies:

• Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
• Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.

Certain types of entities are exempt from the requirement to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). The following is a list of entities that are generally exempt:

1. Securities Reporting Issuer
2. Governmental Authority
3. Bank
4. Credit Union
5. Depository Institution Holding Company
6. Money Services Business
7. Broker or Dealer in Securities
8. Securities Exchange or Clearing Agency
9. Other Exchange Act Registered Entity
10. Investment Company or Investment Adviser
11. Venture Capital Fund Adviser
12. Insurance Company
13. State-Licensed Insurance Producer
14. Commodity Exchange Act Registered Entity
15. Accounting Firm
16. Public Utility
17. Financial Market Utility
18. Pooled Investment Vehicle
19. Tax-Exempt Entity
20. Entity Assisting a Tax-Exempt Entity
21. Large Operating Company
22. Subsidiary of Certain Exempt Entities
23. Inactive Entity