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Certain types of corporations, limited liability companies, and other similar entities created in or registered to do business in the United States must report information about their beneficial owners—the persons who ultimately own or control the company—to FinCEN as of Jan. 1, 2024.
FinCEN issued a public alert on December 18, 2024, to raise awareness of fraud schemes abusing FinCEN’s name, insignia, and authorities for financial gain—including scams that exploit beneficial ownership reporting.
This BOI report provides details about the beneficial owners of a company, i.e., the individuals who either own or control it. This law’s design is to increase transparency and prevent illegal activities such as money laundering, tax evasion, and fraud.
File your Beneficial Ownership Information (BOI) Report here. BOI Reporting was established by the 2021 Corporate Transparency Act and went into effect on January 1, 2024.
These FinCEN-specific fraud schemes include scams that exploit beneficial ownership information reporting; misuse FinCEN’s Money Services Business Registration tool; or involve the impersonation of, or misrepresent affiliation with, FinCEN and its employees.
Recently, we have seen an increase in scam artists attempting to deceive business owners into submitting their Beneficial Ownership Information (“BOI”) Report through fake websites. Read our blog for more on the new federally mandated BOI Report, which is due by December 31, 2024 for all businesses formed before January 1, 2024.
We want to bring to your attention a new scam regarding the Beneficial Ownership Information (BOI) reporting. Companies are receiving a notice with a blank Form 5102 with a request to complete it and pay a filing fee. Please be aware that this request may be a scam.
Learn about fraudulent BOI reporting letters and how to comply with the Corporate Transparency Act and file safely through FinCEN.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has posted an alert stating it has been notified of recent fraudulent attempts by hackers to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act.
Williams said, “I just received an email saying I must fill out Beneficial Ownership Information Report every year or be fined over 591 dollars a Day + 10k fine and Prison time.”