FinCEN official: Beneficial ownership reporting only takes 20 minutes to complete

Financial Crimes Enforcement Network Deputy Director Jimmy Kirby said most companies should be able to file beneficial ownership information reporting quickly and without the help of an attorney or accountant.

Details: Speaking at a BOI reporting event in Colorado, FinCEN Deputy Director Kirby
said the filing process for most businesses will take 20 minutes or less. He said small-business owners doing their best to comply with the law should not lose sleep over the BOI reporting requirements because the law only penalizes willful violations of the law.

Background: Under the Corporate Transparency Act—a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts—many small businesses are now required to report basic information to the federal government about the real people who ultimately own or control them.

ICBA View: ICBA has repeatedly called on FinCEN to withdraw beneficial ownership requirements for banks now that it is required to collect this information directly from reporting companies. ICBA recently said FinCEN’s estimated burden of complying with its final rule on accessing beneficial ownership information does not accurately reflect the demands of collecting this information.

Next: FinCEN Director Andrea Gacki today will participate in a BOI reporting outreach event with small-business owners in Columbus, Ohio.