27 CENTRALIZED BOI DATABASE MAY STREAMLINE ACCOUNT OPENINGS Additional rules expected to clarify access, use and compliance with CDD rule By Sheryl S. Jackson THE NAFCU JOURNAL May–June 2023 The Beneficial Ownership Information (BOI) reporting requirements, finalized by the Financial Crimes Enforcement Network (FinCEN) in September 2022, requires new corporations and limited liability companies to report their BOI directly to FinCEN at the time of formation. This information will be used to create a centralized database that will make it easier for law enforcement to trace.
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