When a beneficial owner or company applicant has a FinCEN identifier, reporting companies can use this unique identifying number in place of an individual’s personal information on a BOI report.
The use of FinCEN identifiers by reporting companies is a developing regulatory aspect, with additional guidance expected.
The FinCEN identifier replaces the need to provide personal information when filing a BOI report - and is practical if one anticipates filing multiple BOI reports. Each entity or individual is entitled to only one FinCEN identifier.