FinCEN’s New Updates to BOI FAQs

Adam Witmer
Regulatory Update, BSA

On June 10, 2024, FinCEN updated its Beneficial Ownership Information Frequently Asked Questions. The FAQs is the agency’s response to to inquiries received relating to the Beneficial Ownership Information Reporting Rule and Beneficial Ownership Information Access and Safeguards Rule.

Four new FAQs were added to answer the following questions:

  • Are entities formed under Tribal law required to report beneficial ownership information? (C.11)

  • Who should an entity fully or partially owned by an Indian Tribe report as its beneficial owner(s)? (D.17)

  • Are telecommunications services included in the public utility exemption to the reporting requirements? (L.8)

  • Are telecommunications services included in the public utility exemption to the reporting requirements? (L.9)

While the answers to the following questions were updated:

  • How is an Indian Tribe defined under the Corporate Transparency Act? (A.5)

  • Are homeowners associations reporting companies? (C.10)

  • What are acceptable forms of identification that will meet the reporting requirement? (F.5)

FinCEN’s BOI FAQs is found here.

Adam Witmer
Regulatory Update, BSA
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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