The Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information Reporting (BOIR) is a regulatory requirement that mandates companies to report information about individuals who own or control them. This reporting is intended to enhance transparency and combat financial crimes such as money laundering and terrorist financing. The information collected includes details about the company's beneficial owners and is accessible to authorized government officials and financial institutions for investigative and regulatory purposes.
You have to submit Beneficial Ownership Information Reporting (BOIR) to comply with the Corporate Transparency Act. This requirement helps prevent illegal activities like money laundering and terrorist financing by providing transparency about the individuals who own or control companies. By reporting this information, you assist government agencies and financial institutions in monitoring and investigating potential financial crimes, thereby contributing to a more secure financial system.
Entities required to submit Beneficial Ownership Information Reporting (BOIR) include corporations, limited liability companies (LLCs), and other similar entities registered to do business in the United States. Certain entities, such as large operating companies and regulated entities, may be exempt from this requirement. If you have additional questions about which entities require BOIR filings, contact us at info@veraleo.co.
To file a Beneficial Ownership Information Report (BOIR), valid identification documents are required for each beneficial owner and company applicant. Acceptable identification documents include:- A non-expired U.S. driver's license.- A non-expired U.S. passport.- A non-expired identification document issued by a State, local government, or Indian tribe.If none of these documents are available, a non-expired foreign passport can be used.
VCP will double check your information before filing your BOIR with FINCEN. All information is stored securely in our database.
Updates should be submitted through our portal. You will receive notification when your updated submission has been filed with FINCEN.
All questions regarding using the portal should be directed to our Head of Engineering at shane.hewitt@veraleo.co.
Additional guidance is available through the FINCEN website at www.fincen.gov/boi-faqs/
