Compliance & Enforcement
- Is beneficial ownership information reported to FinCEN accessible under the Freedom of Information Act (FOIA)?
- Must a foreign company report its BOI to FinCEN if it stopped doing business in the US before the January 1, 2024 reporting requirements?
- What should a reporting company do if a beneficial owner or company applicant withholds information?
- Is a reporting company responsible for ensuring the accuracy of the information that it reports to FinCEN, even if the reporting company obtains that information from another party?
- Who can be held liable for violating BOI reporting requirements? Can an individual be held liable?
- 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?
- What consequences do I face for not filing my beneficial ownership information report? Are there penalties for not filing a BOI report?
- What penalties do individuals face for violating BOI reporting requirements? Are businesses liable for penalties?