On January 12, 2024, FinCEN updated its Frequently Asked Questions on Beneficial Ownership Information Reporting. The FAQs aim to provide answers to inquiries received relating to the Beneficial Ownership Information Reporting Rule.

In particular, the FAQ on how to use a FinCEN identifier was updated, and 9 new FAQs were added regarding reporting company (C.7), beneficial owner (D.11 & D.12), company applicant (E.5, E.6, & E.7), reporting requirements (F.10 & F.11), and reporting company exemptions (L.6).

The complete BOI FAQs can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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