Resources available on Beneficial Ownership Information (BOI) reporting

BOI is an anti-money laundering initiative enacted through the Corporate Transparency Act (CTA) in 2021, which mandates that BOI information is reported to the Financial Crimes Enforcement Network.  

All domestic or foreign entities that have filed formation or registration documents with a U.S. state or Native American tribe are required to report under CTA’s reporting requirement except for those that are exempt. A comprehensive FAQ list can be found here.  

Businesses that do not file face penalties of up to $10,000 and up to 2 years of jail time.