QNB Trust Blog

New Federal Requirements for Businesses to Report Beneficial Ownership Information

Published on January 22, 2024

New Federal Requirements for Businesses to Report Beneficial Ownership Information

If you own a business, there is some new regulation in place that you should know about.

Beginning January 1, 2024, many companies in the U.S. will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. The information must be reported to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. 


Who has to report?

Companies required to report are called reporting companies. Reporting companies have to obtain information from their beneficial owners and report that information to FinCEN.

Your company may be a reporting company if it is:

  • A corporation, limited liability company (LLC), or was otherwise created in the U.S. by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
  • A foreign company and was registered to do business in any U.S. state or Indian tribe.


Who does not have to report?

Twenty-three types of entities are exempt from the reporting requirements. These entities include publicly traded companies, nonprofits, and certain large operating companies.


How do I know if my business is exempt?

FinCEN’s website has all the information you need to determine eligibility for exemption.  The Small Entity Compliance Guide includes checklists for each of the 23 exemptions.


When do I need to report?

FinCEN began accepting reports through the FinCEN website on January 1, 2024.

  • If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025, to report BOI.
  • If your company was created or registered on or after January 1, 2024, and before January 1, 2025, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
  • Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.


How do I report?

Reporting companies will have to report beneficial ownership information electronically through FinCEN’s website,

  • The system will provide the filer with a confirmation of receipt once a completed report is filed with FinCEN.


Where can I learn more?

Guidance materials and additional information can be found at


Queensborough specializes in business banking. Contact us today to see how we can help you reach your business goals.

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Author: Sarah Beth McMillan

Categories: Blog, Community




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