New rules that require companies to report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) went into effect on Jan. 1, 2024. The rules aim to promote corporation transparency, and the Treasury Department generally doesn’t expect the filing process to unduly burden businesses. According to Treasury Secretary Janet Yellen, nearly 100,000 BOI reports were filed the first week of January. Recently, she told FinCEN employees that BOI systems “have been designed with data security as a core priority.” Reports filed with FinCEN will be stored in a nonpublic database with strong antifraud controls.
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