Important Update: New FinCEN Requirement for Beneficial Ownership

As of January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) has implemented a crucial new regulation requiring business owners to report Beneficial Ownership Information (BOI). This update is part of an ongoing effort to enhance transparency and combat financial crimes, and it is imperative that all businesses understand and comply with these requirements.

1. Entities Established Before January 1, 2024:
   These entities are required to file their BOI by January 1, 2025. This gives existing businesses a one-year period to gather and submit the necessary information.
2. Entities Formed Between January 1, 2024, and January 1, 2025:
   These entities must file their BOI within 90 days of their registration. This ensures that all new businesses comply promptly with the new regulation.
3. Consequences of Non-Compliance:
   Failure to submit the required BOI can lead to severe penalties. Businesses may face fines of up to $500 per day for non-compliance. Additionally, criminal penalties may include imprisonment for up to two years and/or fines of up to $10,000. Senior officers of the companies should be particularly vigilant, as they can be held personally accountable for non-compliance.

Beneficial Ownership Information refers to the details of individuals who own or control a business. This includes individuals with significant responsibility in managing the entity and those who own a substantial portion of the entity’s equity. The purpose of this requirement is to create a more transparent business environment and to prevent illicit activities such as money laundering and fraud.

We are pleased to offer our services to file your Beneficial Ownership Information on your behalf. Here’s how we can assist you:

• Expert Guidance: Our team will provide you with clear and detailed instructions on what information is needed and how to compile it.
• Efficient Filing: We will handle the entire filing process for you, ensuring that your BOI is submitted accurately and on time.
• Ongoing Support: We offer continuous compliance monitoring to help you stay updated with any future changes in regulations.

With over 30 years of industry experience, One Rose Consulting, LLC is your trusted partner in mortgage licensing and compliance. Our comprehensive services are designed to meet the unique needs of your business, providing you with tailored solutions and dedicated support every step of the way.

To ensure your business meets the New FinCEN BOI requirements and avoids costly penalties, contact One Rose Consulting, LLC today. Our team is ready to assist you with expert filing services and comprehensive compliance support.

Staying compliant with the New FinCEN Beneficial Ownership Information requirements is essential for all businesses. By partnering with One Rose Consulting, LLC, you can run your business with confidence and focus on what truly matters. Don’t wait until the last minute; ensure your compliance today and protect your business from potential fines and penalties.