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:

Assist law enforcement in investigations

Prevent money laundering and other financial crimes

Improve corporate accountability