Overview of FINCEN BOI Reporting RequirementsCode: 25-FINCEN

32 pages

 

The Beneficial Ownership Information Reporting Rule requires reporting companies to disclose certain information. Generally, reporting companies must disclose their legal name, any DBA names, the address of their principal place of business in the U.S., jurisdiction of formation, IRS TIN or EIN as well as information concerning beneficial owners. There are rules and exceptions as to what constitutes a reporting company.

A beneficial owners is any individual who exercises substantial control over a reporting company or one who owns or controls at least 25% of the ownership interests. Information disclosed about beneficial owners includes full legal name, date of birth, current address, and the number and image of either a U.S. passport, state driver’s license or other identification document issued by a state, local government or tribe. Once again, there are rules that help define who constitutes a beneficial owner.

This course uses published guidance from FinCEN to provide an overview of the rules and reporting requirements.

Learning Objectives:

Upon completion of this course, you should be able to:

• Recognize which entities are reporting companies under FinCEN Beneficial Ownership Information reporting requirements
• Identify a beneficial owner under FinCEN Beneficial Ownership Information reporting requirements 
• Recognize the information required to be reported under FinCEN Beneficial Ownership Information reporting requirements

Presentation Method:  QAS Self-Study

 

Category:  Specialized Knowledge

 

CPE credit:  1 Hour

Program Level:  Overview

Prerequisites:  None

Advance Preparation:  None

Exam expiration date:  Participants must submit exams for grading within one year from the date of purchase