On September 10, 2024, FinCEN updated its Beneficial Ownership Information Frequently Asked Questions anew. The FAQs are issued in response to inquiries received relating to the BOI Reporting Rule and BOI Access and Safeguards Rule.

In its latest updates, FinCEN added two new FAQs:

C.15. Who may file a BOI report on behalf of a reporting company created or registered in 2024 or later that ceases to exist before its initial BOI report is due to FinCEN?
C. 16. Is a foreign company required to report its beneficial ownership information to FinCEN if the company stopped doing business in the United States before reporting requirements went into effect on January 1, 2024?

FinCEN also updated FAQs Reporting Company question C.14 and Initial Report question G.4.

The BOI FAQs can be found here.

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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