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Beneficial ownership information (BOI)

Information about the true owners and controllers of a company, rather than just the official legal owners listed on paper. This includes names, birthdates, addresses, and copies of identification documents for individuals who own or control a significant part of the company.

Reporting company

A company or entity (like a corporation or limited liability company) that is legally required to file beneficial ownership information reports with the government.

FinCEN

The Financial Crimes Enforcement Network, a bureau of the U U.S. Department of the Treasury that collects and analyzes financial transaction information to combat domestic and international money laundering, terrorist financing, and other financial crimes.

Title 31, United States Code

A section of federal law that deals with money and finance. The Corporate Transparency Act, which mandates beneficial ownership reporting, is codified within this title.

Effective date of the regulations

The date when a new set of rules or requirements issued by a government agency officially begins to apply. In this case, the regulations for beneficial ownership reporting became effective on January 1, 2024.