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United States – Obtainment of FinCen Identifier for Beneficial Ownership Information reporting
In January 2024, The United States’ Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued additional guidelines regarding the FinCEN Identifier and how it affects Beneficial Ownership Information (BOI) filing requirements.
A FinCEN ID is a unique identifying number issued to an individual or to a company by FinCEN.
An individual benefical owner or company applicant’s ID can be reported instead of required information about that individual on the reporting company’s Beneficial Ownership Information Report (BOIR) submitted to FinCEN.
Although there is no requirement to obtain a FinCEN ID, doing so can simplify the reporting process, particularly where an individual is registered as the Beneficial Owner for two or more entities.
Find out more information about Beneficial Owner Reporting requirements in the United States here.