Comply with Currency Transaction Report (CTR) and Beneficial Ownership Information (BOI)

As per the Corporate Transparency Act (“CTA”), a mandatory federal law now in effect, your company is required to file a Beneficial Ownership Information Report (or “BOI Report”) within 90 days of the date your company receives notice of creation or registration from the Secretary of State.

Failure to comply with the 31 U.S.C. 5336 Regulations, which establish Currency Transaction Report (CTR) and Beneficial Ownership Information (BOI) reporting, can indeed result in significant penalties and legal consequences for your company.

Here are the potential penalties:

• Civil Penalties:

A company that fails to comply with CTA and BOI reporting requirements may be subject to civil penalties.

The penalty amount can be $591 per day for each day that the violation continues.

This financial penalty can accumulate rapidly if the non-compliance persists.

• Criminal Penalties:

In addition to civil penalties, non-compliance can also lead to criminal penalties.

Criminal penalties may include imprisonment for up to two years and/or a fine of up to $10,000.

It is crucial for companies to adhere to these regulations to avoid legal repercussions and maintain compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) measures.

According to FinCEN, the estimated cost per initial BOI (Beneficial Ownership Information) report may be as high as $2,614.87 per reporting company. Additionally, the process may require up to 6 hours of effort.

If you need help fulfilling this requirement and be complying, contact us and we will do it for you. Our fees start at $150 per filing.

New companies are required to report information to FinCEN about the individuals who ultimately own or control them. This reporting requirement began on January 1, 2024. When filing these reports with FinCEN, a reporting company must identify itself and provide four pieces of information about each of its beneficial owners:

• Name
• Birthdate
• Address

A unique identifying number and issuing jurisdiction from an acceptable identification document (along with the image of such document). 

If you need help fulfilling this requirement and be complying, contact us and we will do it for you. Our fees start at $150 per filing.