What happens if a reporting company does not report beneficial ownership information to FinCEN or fails to update or correct the information within the required timeframe?

FinCEN is making efforts to ensure that businesses are aware of their obligations to report, update, and correct beneficial ownership information.

If you correct a mistake or omission within 90 days of the deadline for the original report, you may avoid being penalized.

Civil and criminal penalties may apply if you disregard your beneficial ownership information reporting obligations.