What is the Beneficial Ownership Information Report(BOIR)?

The Beneficial Ownership Information Report (BOIR) is a new requirement under the Corporate Transparency Act (CTA) for U.S. businesses. It’s designed to increase transparency in business ownership and help combat financial crimes.

Key Points About the BOIR:

• Required by the Financial Crimes Enforcement Network (FinCEN)

• Applies to most U.S. businesses

• Deadline for filing is January 1st, 2025

• Failure to file can result in penalties of up to $500 per day

What Information is Reported?

The BOIR requires businesses to report details about their beneficial owners, including:

• Full legal name

• Date of birth

• Current residential or business address

• Unique identifying number (e.g., passport or driver’s license number)

Why is the BOIR Important?

The BOIR helps:

• Prevent money laundering and other financial crimes

• Improve corporate accountability

• Assist law enforcement in investigations

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