FAQ

We provide specialized services in filing FinCEN forms on behalf of other companies, ensuring compliance with the Bank Secrecy Act (BSA), Anti-Money Laundering (AML) laws, and other relevant regulations.

To begin, please visit our homepage and create an account. You may also find the ‘Register’ window in the ‘Account’ dropdown menu. Once you have logged into your account successfully, proceed to the ‘register your forms’ link in the navigation window.

You will need to provide company details, transactional data, identity information of company officers, and any other relevant information needed to accurately complete the FinCEN forms.

We prioritize the security of your data with robust security infrastructure.

• Including 256 bit SSL encryption
• Web Application Firewall
• User Access Controls
• Secure Storage Measures. (Encrypted)
• Google ReCaptcha V2 for Uploads
• Email SMTP and authorization

We strive to comply with all applicable laws and regulations concerning data protection and privacy.

Assuming we receive all relevant information from your business when you submit your form. You can expect to receive your FinCEN ID within 72 hours of filing your forms.

Yes, you may cancel at any time, assuming that you have not filed your forms with FinCEN. However, cancellations or refunds do not apply to businesses that have received their FinCEN Identifier. Please refer to our Terms and Conditions for information on termination of services.

Please contact us as soon as possible with any updates to your information to ensure ongoing compliance and accuracy of filings.

We strive for accuracy in all filings. However, if an error occurs, we will work diligently to correct it in a timely manner. Please notify us immediately if you suspect any discrepancies.

For any further questions or support, please contact our customer service team at info@fincenfile.org

Beneficial ownership information identifies the individuals who own or control a company, either directly or indirectly.

The Corporate Transparency Act (CTA) is a federal regulation that went into effect on January 1, 2024. It requires certain entities to disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN)

Federal, State, local, and Tribal officials, certain foreign officials, and financial institutions (with reporting company consent) can access it for national security, intelligence, and law enforcement. FinCEN stores this information securely and restricts access to authorized entities.

• Existing companies before January 1, 2024, have until January 1, 2025.

• Companies registered in 2024 have 90 days post-registration.
• Companies registered on/after January 1, 2025, have 30 days post-registration.

Violating the BOI reporting requirements may result in civil penalties of up to $500 per day of ongoing violation and criminal penalties, including up to two years in prison and fines up to $10,000. Violations include failing to file, filing false information, or not updating reported information.

Filing Begins January 1, 2024.

Reporting companies include:

• Domestic Reporting Companies: Corporations, limited liability companies, and similar entities created by filing documents with U.S. state offices.
• Foreign Reporting Companies: Foreign entities registered to do business in the U.S. by filing documents with U.S. state offices.

Note that 23 types of entities are exempt; refer to FinCEN’s criteria or the Small Entity Compliance Guide to determine if an entity is a reporting company.

A beneficial owner is an individual who, directly or indirectly, (1) exercises substantial control over the company or (2) owns or controls at least 25% of the company’s ownership interests.

Substantial control can be exercised in several ways, including:

• Being a senior officer (e.g., President, CFO, General Counsel).
• Having authority to appoint or remove senior officers or a majority of directors.
• Making significant decisions for the company.
• Any other form of substantial influence over the company as detailed in FinCEN’s guidelines.

Important decisions refer to those affecting a company’s business, finances, and structure, such as:

• Business: Nature and scope, business lines, contracts, and geographic focus.
• Finances: Asset transactions, major expenditures or investments, equity issuances, significant debt, and budget approvals.
• Structure: Reorganization, dissolution, mergers, and amendments to governance documents or significant policies.

An individual with direction, determination, or substantial influence over these areas is considered to have substantial control over the reporting company.

Five exceptions include individuals not needing to be reported as beneficial owners:

• Minors (if information on parent/guardian is provided)
• Nominees, intermediaries, custodians, or agents
• Employees acting solely as employees and not as owners
• Inheritors
• Creditors not meeting beneficial ownership conditions

Generally, no. Accountants and lawyers providing typical services do not exert “substantial control” and usually fall under the “nominee, intermediary, custodian, or agent” exception unless they are senior officers like a general counsel.

No, a company itself can’t be a beneficial owner. Individuals within that company exercising substantial control must be reported.

No, it depends on their level of control or ownership interest. Determine this on a director-by-director basis.

It depends. They are not automatically beneficial owners but may be if they exercise substantial control or own significant interests, and don’t qualify for any exceptions.

A company applicant is related to reporting companies formed or registered on or after January 1, 2024. Up to two individuals might qualify as company applicants:

1. The individual who directly files the document that creates or registers the company.
2. If more than one person is involved, the individual primarily responsible for directing or controlling the filing.

Yes, companies created or registered on/after January 1, 2024, report details about themselves, their beneficial owners, and company applicants. Those registered before only report about themselves and beneficial owners.

Details include legal name, trade names, principal business address (U.S. or U.S. contact for foreign entities), jurisdiction of formation, and Tax Identification Number. They also indicate the type of report being filed (initial, correction, or update).

For each beneficial owner, report name, date of birth, residential address, identifying number from an acceptable ID, and an image of the identification document.

For each company applicant, provide name, date of birth, address (business for corporate agents, otherwise residential), identifying number from an acceptable ID, and an image of the identification document.

Acceptable IDs include a non-expired U.S. driver’s license, state or local government-issued ID, U.S. passport, or a foreign passport if no U.S. ID is available.

No annual reporting. Companies must file an initial report and then updated or corrected reports as needed.

Generally, no. Special reporting rules may allow reporting the name of a parent company under certain conditions instead of beneficial owners’ details.

No, a reporting company must provide a physical U.S. street address, not a P.O. box.

File an updated report within 30 days of any change to required information about your company or beneficial owners. No update is needed for changes in company applicant information.

Common reasons include:

• Changes in the reporting company’s details like a new business name.
• Changes in beneficial ownership due to role changes or ownership interest shifts.
• Changes to a beneficial owner’s name, address, or unique identifying number, including from new identification documents.

Contact us to correct any inaccuracies in a beneficial ownership report within 30 days of becoming aware. This applies to inaccuracies about the company, beneficial owners, or company applicants.

Liability extends to both individuals and corporate entities for willful violations, including:

• Filing or attempting to file false information.
• Willfully providing false information for filing.
• Failing to report complete or updated beneficial ownership information.

Yes, individuals filing false or fraudulent reports on behalf of a company face the same penalties as the company and its senior officers.

Yes, beneficial owners or company applicants can be liable for willfully causing a reporting company’s failure to submit complete or updated information to FinCEN by refusing to provide required information.

A FinCEN identifier is a unique number issued by FinCEN to an individual or reporting company after providing specific information. Each individual or company can only have one FinCEN identifier.

A FinCEN identifier allows a reporting company to reference the identifier instead of the personal information of beneficial owners or company applicants on ownership reports. Further guidance on its use by reporting companies is anticipated upon completion of ongoing rulemaking.