FinCEN to launch contact center, guide for BOI reporting compliance

The Financial Crimes Enforcement Network will establish a contact center to assist small business owners in filing beneficial ownership reports, respond to questions from the public and reduce regulatory burden, U.S. Treasury Undersecretary for Terrorism and Financial Intelligence Brian Nelson said today.

FinCEN’s BOI reporting requirements will take effect Jan. 1, 2024. During a speech in Lexington, Kentucky, Nelson said the agency is taking steps intended to familiarize communities with FinCEN and help businesses prepare for compliance, including the establishment of a contact center. He didn’t provide many details about the center but added that the agency will also soon publish a Small Entity Compliance Guide, which will describe “in simple, easy-to-read language” each provision of the BOI rule.