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BOI, Beneficial Owner Information report required to battle shell companies.

Updated: Oct 8, 2024

A shell company laud

As of January 1, 2024, the CTA or Corporate Transparency Act of federal law, started a new requirement for business entities to report specific information to FinCEN & financial institutions about the beneficial owner to combat money laundering and other illicit activities that involve shell companies. Beneficial ownership reports include questions regarding the businesses filing information and responsible party details.


Report due dates are dependent on when your business was formed.


  • Business created prior to January 1, 2024: Due January 1, 2025

  • Business created or registered in 2024: Due 90 calendar days after registration is effective

  • Business created on or after January 1, 2025: Due 30 calendar days after registration is effective.

  • Any updates or corrections to beneficial ownership information are required to be reported to FinCEN within 30 calendar days.


For more details on this new required reporting, go to fincen.gov.boi . For help filing your report, call or email us for our contact.


Helpful definitions:


FinCEN: Financial Crimes Enforcement Network

Beneficial Owner: Individuals who ultimately own or control a business.

CTA: Corporate Transparency Act, passed in 2021 to combat corporate corruption and illicit financial activity by shell companies.



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