SBLC FinCEN Proposed Beneficial Ownership Info Form - Opportunity for AICC Members to Comment

Dear SBLC Members,

As you may know from our alerts, last fall the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued its final rule to implement the beneficial ownership information (“BOI”) reporting required by the 2020 Corporate Transparency Act. 

Under the new rules, unless they qualify for an exemption, foreign and domestic companies, including domestic corporations, limited liability companies, limited liability partnerships, business trusts and other entities will be required to report information regarding their company and beneficial owners.  

On January 17, 2023, FinCEN issued a proposed version of the report that it intends to use to collect the beneficial ownership information.  FinCEN will be accepting comments on the proposed report through March 20, 2023.  Please note, because the implementation rules have already been finalized, FinCEN is only seeking comments on the draft report form itself.

If you or your members are interested in this issue, we encourage you to review the draft report and share your thoughts both with us and with FinCEN through the comment process.

Best,

Paula and Jessie