Notice2023-21293
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Beneficial Ownership Information Reports
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 29, 2023
Issuing agencies
Treasury Department
Abstract
The Department of the Treasury, on behalf of the Financial Crimes Enforcement Network (FinCEN), will submit the beneficial ownership information (BOI) report information collection request to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995 (PRA), on or after the date of publication of this notice. The details included in the information collection are listed below. The public is invited to submit comments on this information collection request.
Full Text
<html>
<head>
<title>Federal Register, Volume 88 Issue 188 (Friday, September 29, 2023)</title>
</head>
<body><pre>
[Federal Register Volume 88, Number 188 (Friday, September 29, 2023)]
[Notices]
[Pages 67443-67448]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-21293]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Beneficial Ownership Information Reports
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice of information collection; request for comments.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury, on behalf of the Financial
Crimes Enforcement Network (FinCEN), will submit the beneficial
ownership information (BOI) report information collection request to
the Office of Management and Budget (OMB) for review and clearance in
accordance with the Paperwork Reduction Act of 1995 (PRA), on or after
the date of publication of this notice. The details included in the
information collection are listed below. The public is invited to
submit comments on this information collection request.
DATES: Written comments should be received on or before October 30,
2023.
ADDRESSES: Written comments on the proposed information collection
should be sent within 30 days of publication of this notice to
<a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular information
collection by selecting ``Currently under 30-day Review--Open for
Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
obtained from Spencer W. Clark by emailing <a href="/cdn-cgi/l/email-protection#db8b899a9bafa9bebaa8aea9a2f5bcb4ad"><span class="__cf_email__" data-cfemail="316163707145435450424443481f565e47">[email protected]</span></a>, calling
(202) 927-5331, or viewing the entire information collection request at
<a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
Financial Crimes Enforcement Network (FinCEN)
I. Statutory and Regulatory Provisions
FinCEN issued the Beneficial Ownership Information Reporting
Requirements final rule on September 30, 2022 (final BOI reporting
rule).\1\ The final BOI reporting rule requires certain legal entities
to report to FinCEN information about themselves as well as information
about their beneficial owners. Entities created or registered to do
business on or after January 1, 2024, must also identify the individual
who directly filed the document with specified governmental authorities
that created the entity or registered it to do business, as well as the
individual who was primarily responsible for directing or controlling
such filing if more than one individual was involved in the filing of
the document. Further, the regulations describe who must file a report,
what information must be provided, and when a report is due. Entities
must certify that the report is true, correct, and complete.
---------------------------------------------------------------------------
\1\ 87 FR 59498 (Sept. 30, 2022).
---------------------------------------------------------------------------
These regulations implement Section 6403 of the Corporate
Transparency Act (CTA), enacted into law as part of the National
Defense Authorization Act for Fiscal Year 2021 (NDAA).\2\ That
statutory provision, its implementing regulations, and their
requirements are intended to help prevent and combat money laundering,
terrorist financing, corruption, tax fraud, and other illicit activity,
while minimizing the burden on reporting entities.
---------------------------------------------------------------------------
\2\ Specifically, the CTA is Title LXIV of the William M. (Mac)
Thornberry National Defense Authorization Act for Fiscal Year 2021,
Public Law 116-283 (Jan. 1, 2021). Division F of the NDAA is the
Anti-Money Laundering Act of 2020, which includes the CTA. Section
6403 of the CTA, among other things, amended the Bank Secrecy Act
(BSA) by adding a new section 5336, Beneficial Ownership Information
Reporting Requirements, to subchapter II of chapter 53 of title 31,
United States Code.
---------------------------------------------------------------------------
II. Paperwork Reduction Act of 1995 <SUP>3</SUP>
---------------------------------------------------------------------------
\3\ Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
---------------------------------------------------------------------------
Title: Beneficial Ownership Information (BOI) Reports.
OMB Control Number: 1506-0076.
Type of Review: New collection.
Description: In accordance with the CTA, the final BOI reporting
rule imposes a new reporting requirement on certain entities
(``reporting companies'') to file with FinCEN reports, known as
Beneficial Ownership Information Reports (BOIRs). These BOIRs collect
certain information about: (1) the reporting company; (2) the reporting
company's beneficial owners; and (3) the individual(s) who filed the
document with specified governmental authorities that created the
entity or registered it to do business (known as company
applicants).\4\ The BOIRs will
[[Page 67444]]
be filed by completing a form (the BOIR Form) and submitting it through
an online portal or submitting the information through an Application
Programming Interface (API). These reports must be updated or corrected
as specified in the final BOI reporting rule if reported information
changes or is incorrect. The collected information will be maintained
by FinCEN and made accessible to authorized users of the Beneficial
Ownership Information Technology System.
---------------------------------------------------------------------------
\4\ 31 U.S.C. 5336(b) and 31 CFR 1010.380(b).
---------------------------------------------------------------------------
Consistent with the requirements of the PRA, FinCEN carefully
considered the comments received in response to the 60-day notice that
proposed the BOIR Form for public comment. Notably, commenters were
uniformly critical of the checkboxes that would allow a reporting
company to indicate if certain information about a beneficial owner or
company applicant is ``unknown,'' or if the reporting company is unable
to identify information about a beneficial owner or company applicant.
Commenters referred to these checkboxes as the ``unknown checkboxes.''
A significant number of these comments expressed concern that the
checkboxes would incorrectly suggest to filers that it is optional to
report required information, and that reporting companies need not
conduct a diligent inquiry to comply with their reporting obligations.
These commenters requested that FinCEN remove all such checkboxes.
In response to the comments, FinCEN is pursuing a revised approach
to the BOIR Form that will not contain unknown checkboxes. This
approach will consist of a first implementation will be used starting
January 1, 2024, and a potential alternative implementation, which may
be adopted a later date following feedback from filers, law enforcement
agencies, and other key stakeholders. In the first implementation, it
will require every field to be completed (i.e., have responses entered
in text boxes), and the BOIR Form can only be submitted once each
required field has been filled out. Any field left blank, whether
intentionally or accidentally, will prevent the filer from submitting
their BOIR Form. It is our hope that filers will find the filing
process to be seamless, users of the database will determine that the
information collected is accurate, and all stakeholders, including law
enforcement, will find this implementation to be sufficiently
straightforward, transparent, and efficient. Throughout the months
after this approach is implemented, FinCEN will seek continual feedback
from filers and database users.
FinCEN is cognizant that reporting companies could face
difficulties in obtaining information promptly. To better understand
this potential concern, FinCEN consulted with behavioral scientists at
the General Services Administration, technology experts at the
Department of the Treasury, and various others throughout the U.S.
Government (USG) who have expertise around these issues. The
consultations highlighted potential, though not inevitable, pitfalls in
not providing an explanatory mechanism in the BOIR Form when a filer is
unable to obtain certain required information. This might inadvertently
discourage reporting companies from filing in a timely manner (or
filing at all) because they do not have sufficient information. It may
also incentivize reporting companies to file meaningless or untruthful
information in certain fields to make a deadline. These difficulties
also have the potential to significantly increase the volume of
inquiries to FinCEN's Contact Center \5\ from reporting companies that
seek clarification of the filing requirements when they are unable to
obtain BOI.
---------------------------------------------------------------------------
\5\ FinCEN expects to establish a Contact Center prior to
January 1, 2024, to field questions about the BOI reporting
requirements from reporting companies and other stakeholders.
---------------------------------------------------------------------------
Bearing these potential concerns in mind, in addition to feedback
from filers and database users in the months following implementation
on January 1, 2024, FinCEN may consider an alternative implementation.
The alternative implementation would have the same response fields that
require the same information to be reported, and reporting companies
would be required to provide accurate responses in every field to
submit a filing. However, this implementation would provide a mechanism
for filers to temporarily indicate if they are unable to provide
certain information for certain reasons. Specifically, there would be a
drop-down option in the Beneficial Owner(s) section that would allow
filers to specify one of a few reasons why they are temporarily unable
to provide a piece of information about a beneficial owner. FinCEN is
considering several drop-down options, including (but not limited to):
``Cannot Contact BO''; ``BO Unresponsive''; ``BO Refused to Provide'';
and ``Third Party Refused to Provide.'' Drop-down options will not be
included in the other sections of the form (i.e., Reporting Company
Section and Company Applicant(s) Section). Forms whose filers select a
drop-down option will be accepted into the filing system but will still
be considered incomplete and non-compliant filings. Forms will only be
considered complete and compliant once the missing information is
subsequently added, the drop-down option is removed from each field,
and the form is updated. FinCEN will be seeking feedback from database
users, including filers and law enforcement on these options.
The advantage of the drop-down options would be to allow reporting
companies to immediately submit all information available to them and
indicate the specific reason why certain information is not available
at the time of temporary filing. The drop-down options would not excuse
reporting companies of their obligation to submit complete and truthful
written responses for each field by the applicable filing deadline; all
fields must be filled out before a reporting company has satisfied its
reporting obligations.
The benefit of this implementation would be to: (1) provide a
mechanism for the collection of some beneficial ownership information
that would be of immediate use to law enforcement agencies and other
authorized users of BOI; (2) provide insight into any common
difficulties that might arise so that FinCEN can potentially provide
guidance, frequently asked questions (FAQs), or follow-up with
reporting companies or beneficial owners; and (3) provide notice for
FinCEN that an incomplete report has been submitted and facilitate
appropriate related follow-up. Further, in both implementations, FinCEN
intends to make clear on the BOIR Form that reporting companies must
provide all required information to satisfy their reporting
obligations.
FinCEN's potential adoption of the drop-down implementation will be
informed by feedback from stakeholders, including filers and law
enforcement agencies. The filer experience, the usefulness of
information for law enforcement, and the overall quality of the data
reported to FinCEN will be some of the key metrics taken into
consideration. Ultimately, any decision to adopt the alternative
implementation with drop-down options, should it be pursued at all,
would only be made after careful analysis of the initial
implementation.
Equally as important, should FinCEN adopt the alternative
implementation, FinCEN will issue guidance well in advance of any
change and there will only ever be one of the implementations ``live''
that filers can see and use. FinCEN believes that this revised approach
will best address the feedback from commenters and maintain appropriate
flexibility to adapt the BOIR Form to meet the needs of filers,
[[Page 67445]]
database users, and other important stakeholders based on what FinCEN
learns after the system becomes operational.
As previously stated, in both implementations of the form, FinCEN
will make clear that reporting companies must provide all required
information to satisfy their reporting obligations. The BOIR Form will
include tool tips (i.e., text boxes that will be displayed over a BOIR
field or section), which will convey instructions, requirements,
instructions, and clarifying information to assist the filer. The BOIR
Form will also include a certification whereby filers must certify that
the information furnished is true, correct, and complete. There will be
compliance reminders, both in the BOIR Form and outside of it, that
will remind filers about their obligation to report complete and
updated BOI to FinCEN. FinCEN will also address this requirement in
guidance documents and other materials, such as press releases,
briefings, and FAQs.
Form: Beneficial ownership information report (BOIR).
Affected Public: Domestic entities that are: (1) corporations; (2)
limited liability companies; or (3) created by the filing of a document
with a secretary of state or any similar office under the law of a
state or Indian tribe. Foreign entities that are: (1) corporations,
limited liability companies, or other entities; (2) formed under the
law of a foreign country; and (3) registered to do business in any
state or Tribal jurisdiction by the filing of a document with a
secretary of state or any similar office under the laws of a state or
Indian tribe. The rule does not require corporations, limited liability
companies, or other entities that are described in any of 23 specific
exemptions \6\ to file BOIRs, except that certain foreign legal
entities that qualify as pooled investment vehicles must report the BOI
of an individual who exercises substantial control over the pooled
investment vehicle.\7\
---------------------------------------------------------------------------
\6\ See 31 CFR 1010.380(c)(2).
\7\ See 31 CFR 1010.380(b)(2)(iii). The special reporting rule
for foreign pooled investment vehicle specifies that, ``[i]f more
than one individual exercises substantial control over the entity,
the entity shall report information with respect to the individual
who has the greatest authority over the strategic management of the
entity.''
---------------------------------------------------------------------------
Estimated Number of Respondents: As explained in detail in the
final BOI reporting rule regulatory impact analysis (RIA), the number
of entities that are reporting companies is difficult to estimate.\8\
FinCEN assumes that all entities created or registered prior to the
effective date of January 1, 2024, that are subject to the BOI
reporting requirement will submit their initial BOIRs in Year 1 (2024),
as required by the rule. Therefore, FinCEN estimates that 32,556,929
entities will submit initial BOIRs in Year 1 (2024).\9\ In Year 2
(2025) and beyond, FinCEN estimates that the number of initial BOIRs
filed will be 4,998,468 per year, which is the same estimate as the
number of new entities per year that meet the definition of reporting
company and are not exempt.\10\ The total five-year average of expected
initial BOIRs is 10,510,160. In order to estimate the total burden
hours and costs associated with the reporting requirement, FinCEN
further assesses a distribution of the reporting companies' beneficial
ownership structure. FinCEN assumes that 59 percent of reporting
companies will have a simple structure (i.e., 1 beneficial owner who is
also the company applicant), 36.1 percent will have an intermediate
structure (i.e., 4 beneficial owners and 1 company applicant), and 4.9
percent will have a complex structure (i.e., 8 beneficial owners and 2
company applicants). FinCEN estimates that 6,578,732 updated BOIRs will
be filed in Year 1 (2024), and 14,456,452 BOIRs will be filed annually
in Year 2 (2025) and beyond.\11\ The total five-year average of
expected updated BOIRs is 12,880,908.
---------------------------------------------------------------------------
\8\ Refer to the final BOI reporting rule RIA for a detailed
description of these estimates. See 87 FR 59589 (Sept. 30, 2022).
\9\ Refer to the final BOI reporting rule RIA cost analysis for
the underlying sources and analysis related to this estimate. See 87
FR 59562-59579 (Sept. 30, 2022).
\10\ Refer to the final BOI reporting rule RIA cost analysis for
the underlying sources and analysis related to this estimate. As
noted therein, for analysis purposes FinCEN assumes that the number
of new entities per year from years 2 through 10 (2025 to 2033) will
be the same as the 2024 new entity estimate, which accounts for a
growth factor of 13.1 percent per year from the date of the
underlying source (2020) through 2024. Annually thereafter, FinCEN
assumes no change in the number of new entities. FinCEN provides an
alternative cost analysis in the conclusion section where the 13.1
percent growth factor continues throughout the entire 10-year time
horizon of the analysis (i.e., through 2033). However, this growth
factor is possibly an overestimate given that it is a based on a
relatively narrow timeframe of data (two years). See 87 FR 59562-
59579 (Sept. 30, 2022).
\11\ Refer to the final BOI reporting rule RIA cost analysis for
the underlying sources and analysis related to these estimates. See
87 FR 59562-59579 (Sept. 30, 2022).
---------------------------------------------------------------------------
Frequency of Response: As required.\12\
---------------------------------------------------------------------------
\12\ For BOI reports, there is an initial filing and subsequent
filings; the latter are required as information changes or if
previously reported information was incorrect.
---------------------------------------------------------------------------
Estimated Time per Respondent: FinCEN is relying on the analysis of
the estimated time burden per respondent in the final BOI reporting
rule, which accounts for comments received to the notice of proposed
rulemaking (NPRM) that preceded the final BOI reporting rule.\13\
Considering the comments and the final BOI reporting rule, it is
apparent that the time burden for filing initial BOI reports will vary
depending on the complexity of the reporting company's structure.
FinCEN therefore estimates a range of time burdens associated with
filing an initial BOIR to account for the likely variance among
reporting companies. FinCEN estimates the average burden of reporting
BOI as 90 minutes per response for reporting companies with simple
beneficial ownership structures (40 minutes to read the form and
understand the requirement, 30 minutes to identify and collect
information about beneficial owners and company applicants, and 20
minutes to fill out and file the report, including attaching an image
of an acceptable identification document for each beneficial owner and
company applicant). FinCEN estimates the average burden of reporting
BOI as 650 minutes per response for reporting companies with complex
beneficial ownership structures (300 minutes to read the form and
understand the requirement, 240 minutes to identify and collect
information about beneficial owners and company applicants, and 110
minutes to fill out and file the report, including attaching an image
of an acceptable identification document for each beneficial owner and
company applicant). FinCEN estimates the average burden of updating
such reports for reporting companies with simple beneficial ownership
structures as 40 minutes per update (20 minutes to identify and collect
information about beneficial owners or company applicants and 20
minutes to fill out and file the update). FinCEN estimates the average
burden of updating such reports for reporting companies with complex
beneficial ownership structures as 170 minutes per update (60 minutes
to identify and collect information about beneficial owners or company
applicants and 110 minutes to fill out and file the update). FinCEN
also assesses that reporting companies with intermediate beneficial
ownership structures will have a time burden that is the average of the
time burden for reporting companies with simple structures and those
with complex structures.
---------------------------------------------------------------------------
\13\ 86 FR 69920 (Dec. 8, 2021).
---------------------------------------------------------------------------
Estimated Total Reporting Burden Hours: FinCEN estimates that
during Year 1 (2024), the filing of initial BOIRs will result in
approximately 118,572,335 burden hours for reporting
[[Page 67446]]
companies.\14\ In Year 2 (2025) and beyond, FinCEN estimates that the
filing of initial BOIRs will result in 18,204,421 burden hours annually
for new reporting companies.\15\ The five-year average of burden hours
for initial BOIRs is 38,278,004 hours. FinCEN estimates that filing
updated BOIRs in Year 1 (2024) will result in approximately 7,657,096
burden hours for reporting companies.\16\ In Year 2 (2025) and beyond,
the estimated number of burden hours for updated reports will be
16,826,105.\17\ The five-year average of burden hours for updated BOIRs
is 14,992,203 hours. The total five-year average of burden hours for
BOIRs is 53,270,307.
---------------------------------------------------------------------------
\14\ ((0.59 x 32,556,929) x (90/60)) + ((0.361 x 32,556,929) x
(370/60)) + ((0.049 x 32,556,929) x (650/60)) = 118,572,335.
\15\ ((0.59 x 4,998,468) x (90/60)) + ((0.361 x 4,998,468) x
(370/60)) + ((0.049 x 4,998,468) x (650/60)) = 18,204,421.
\16\ ((0.59 x 6,578,732) x (40/60)) + ((0.361 x 6, 578,732) x
(105/60)) + ((0.049 x 6, 578,732) x (170/60)) = 7,657,096.
\17\ ((0.59 x 14,456,452) x (40/60)) + ((0.361 x 14,456,452) x
(105/60)) + ((0.049 x 14,456,452) x (170/60)) = 16,826,105.
---------------------------------------------------------------------------
Estimated Total Reporting Cost: Considering the comments received
in response to the NPRM, the final BOI reporting rule states that the
costs for filing initial BOIRs will vary depending on the complexity of
a reporting company's structure. FinCEN therefore estimates a range of
costs associated with filing an initial BOIR to account for the likely
variance among reporting companies. FinCEN estimates the average cost
of filing an initial BOIR per reporting company to be a range of $85.14
for entities with simple beneficial ownership structures to $2,614.87
for entities with complex beneficial ownership structures.\18\ FinCEN
estimates the average cost of filing an updated BOIR per reporting
company to be $37.84 to $560.81.\19\
---------------------------------------------------------------------------
\18\ (90/60) x $56.76 = $85.14 and ((650/60) x $56.76) + $2,000
= $2,614.87.
\19\ (40/60) x $56.76 = $37.84 and ((170/60) x $56.76) + $400 =
$560.81.
---------------------------------------------------------------------------
For initial BOIRs, the range of total costs in Year 1 (2024),
assuming for the lower bound that all reporting companies are simple
structures and assuming for the upper bound that all reporting
companies are complex structures, is $2.8 billion to $85.1 billion.\20\
Applying the distribution of reporting companies' structures explained
in connection with Table 1 of the RIA, FinCEN calculates total costs in
Year 1 (2024) of initial BOIRs to be $21.7 billion.\21\ In Year 2
(2025) and onward, in which FinCEN assumes that initial BOIRs will be
filed by newly created entities, the range of total costs is $425.6
million to $13.1 billion annually.\22\ Applying the reporting
companies' structure distribution, the estimated total cost of initial
BOIRs annually in Year 2 (2025) and onward is $3.3
billion.<SUP>23 24</SUP>
---------------------------------------------------------------------------
\20\ (32,556,929 x $85.14) = $2,771,769,963.58 and (32,556,929 x
$2,614.87) = $85,132,196,638.53.
\21\ ((0.59 x 32,556,929) x $85.14) + ((0.361 x 32,556,929) x
$1,350.00) + ((0.049 x 32,556,929) x $2,614.87) =
$21,673,487,885.48.
\22\ (4,998,468 x $85.14) = $425,550,075.79 and (4,998,468 x
$2,614.87) = $13,070,353,315.07.
\23\ ((0.59 x 4,998,468) x $85.14) + ((0.361 x 4,998,468) x
$1,350.00) + ((0.049 x 4,998,468) x $2,614.87) = $3,327,532,419.21.
\24\ FinCEN assumes that each reporting company will make one
initial BOIR. Given the implementation period of one year to comply
with the rule for entities that were formed or registered prior to
the effective date of the final BOI reporting rule, FinCEN assumes
that all the entities that meet the definition of reporting company
will submit their initial BOIRs in Year 1 (2024), totaling 32.6
million reports. Additionally, FinCEN has applied a 6.83 percent
growth factor each year since the date of the underlying source
(2020) to account for the creation of new entities. For analysis
purposes, FinCEN assumes that the number of new entities per year
from years 2 through 10 (2025 to 2033) will be the same as the 2024
new entity estimate, which accounts for a growth factor of 13.1
percent per year from the date of the underlying source (2020)
through 2024. Annually thereafter, FinCEN assumes no change in the
number of new entities. FinCEN provides an alternative cost analysis
in the conclusion section where the 13.1 percent growth factor
continues throughout the entire 10-year time horizon of the analysis
(i.e., through 2033). However, this growth factor is possibly an
overestimate given that it is a based on a relatively narrow
timeframe of data (two years).
---------------------------------------------------------------------------
For updated BOIRs, the range of total costs in Year 1 (2024),
assuming for the lower bound that all reporting companies are simple
structures and assuming for the upper bound that all reporting
companies are complex structures, is $249 million to $3.7 billion.\25\
Applying the distribution of reporting companies' structures, FinCEN
calculates total costs in Year 1 (2024) of updated BOIRs to be $1
billion.\26\ In Year 2 (2025) and onward, the range of total costs is
$547 million to $8.1 billion annually.\27\ Applying the reporting
companies' structure distribution, the estimated total cost of updated
BOIRs annually in Year 2 (2025) and onward is $2.3 billion.\28\ The
total five-year average of costs is $6,996,732,512 for initial BOIRs
and $2,033,391,518 for updated BOIRs.
---------------------------------------------------------------------------
\25\ (6,578,732 x $37.84) = $248,927,811.14 and (6,578,732 x
$560.81) = $3,689,435,948.74.
\26\ ((0.59 x 6,578,732) x $37.84) + ((0.361 x 6,578,732) x
$299.33) + ((0.049 x 6,578,732) x $560.81) = $1,038,524,428.72.
\27\ (14,456,452 x $37.84) = $547,007,086.12 and (14,456,452 x
$560.81) = $8,107,360,919.04.
\28\ ((0.59 x 14,456,452) x $37.84) + ((0.361 x 14,456,452) x
$299.33) + ((0.049 x 14,456,452) x $560.81) = $2,282,108,290.77.
---------------------------------------------------------------------------
Please note, there are no non-labor costs associated with these
collections of information, because FinCEN assumes that reporting
companies already have the necessary equipment and tools to comply with
the regulatory requirements.
Request for Comments
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a valid
OMB control number. All comments will become a matter of public record.
Comments are invited on: (a) whether the collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information shall have practical utility; (b) the
accuracy of the agency's estimate of the burden of the collection of
information; (c) ways to enhance the quality, utility, and clarity of
the information to be collected; (d) ways to minimize the burden of the
collection of information on respondents, including through the use of
technology; and (e) estimates of capital or start-up costs and costs of
operation, maintenance, and purchase of services required to provide
information.
Authority: 44 U.S.C. 3501 et seq.
Spencer W. Clark,
Treasury PRA Clearance Officer.
Appendix--Beneficial Ownership Information (BOI) Report Summary of Data
Fields
Note: Lines that must be filled in for a report to be accepted
are identified with the * symbol next to the line number. Italicized
text provides a description and/or explanation of lines and response
options for purposes of this PRA notice.
Filing Information
1. * Type of filing (check only one box for lines 1a-1d)
a. Initial report (check if reporting for the first time: if
this box is checked, proceed to line 2)
b. Correct prior report (check to amend information that was
inaccurate and/or incomplete when reported in a prior report; if
this box is checked, then you must fill out lines 1e-1h (Reporting
Company information associated with most recent report))
c. Update prior report (check to report a change in beneficial
ownership information; if this box is checked, then you must fill
out lines 1e-1h (Reporting Company information associated with most
recent report))
d. Newly exempt entity (check if company previously filed a
report and now qualifies for an exemption to the definition of
Reporting Company; if this box is checked, then you must fill out
lines 1e-1h (Reporting Company
[[Page 67447]]
information associated with most recent report) and no other lines
in the report)
Reporting Company information associated with most recent
report, if any: (when the type of filing is ``Correct prior report''
(line 1b), ``Update prior report'' (line 1c), or ``Newly exempt
entity'' (line 1d), lines 1e-1h must be completed in order to link
the new filing to the previous filing)
e. Legal name
f. Tax identification type (select one from list of options)
[ssquf] EIN (Employer Identification Number)
[ssquf] SSN/ITIN (Social Security Number/Individual Taxpayer
Identification Number)
[ssquf] Foreign
g. Tax identification number
h. Country/Jurisdiction (if foreign tax ID only) (select from
list of countries/jurisdictions)
2. Date prepared (auto-filled when form is finalized) (line 2
populates automatically with the date when the filer selects
``Finalize'' on the form)
Part I. Reporting Company Information
3. Request to receive FinCEN Identifier (FinCEN ID) (check the box
to receive a FinCEN ID)
4. Foreign pooled investment vehicle (check the box if Reporting
Company is a foreign pooled investment vehicle)
Full legal name and alternate name(s):
5. * Reporting Company legal name
6. Alternate name (e.g., trade name, DBA) (multiple alternate names
may be reported)
Form of identification:
7. * Tax identification type (select one from list of options)
[ssquf] EIN (Employer Identification Number)
[ssquf] SSN/ITIN (Social Security Number/Individual Taxpayer
Identification Number)
[ssquf] Foreign
8. * Tax identification number
9. Country/Jurisdiction (if foreign tax ID only) (select from list
of countries/jurisdictions)
Jurisdiction of formation or first registration:
10. * a. Country/Jurisdiction of formation (select from list of
countries/jurisdictions, including the United States, each U.S.
Territory,\1\ and all foreign countries. If United States is
selected, complete lines 10b, 10c, or 10d as applicable; if a U.S.
Territory is selected, line 10b populates automatically with the
selected U.S. Territory; if a foreign country is selected, complete
lines 10e, 10f, or 10g as applicable.)
---------------------------------------------------------------------------
\1\ U.S. Territories are considered part of the United States
for purposes of determining the reporting obligations of domestic
and foreign Reporting Companies. However, per ISO standard 3166-1,
U.S. Territories are listed as jurisdictions separate from the
United States for database management purposes.
---------------------------------------------------------------------------
Domestic Reporting Company:
b. State of formation (select from list of U.S. States; if a
U.S. Territory was selected in line 10a, line 10b populates
automatically with the selected U.S. Territory)
c. Tribal jurisdiction of formation (select from list of Tribes
and ``Other Tribe'')
d. Name of the other Tribe (enter name of the other Tribe not
included in list for line 10c, only available if ``Other Tribe''
selected in line 10c)
Foreign Reporting Company:
e. State of first registration (select from list of U.S. States
and U.S. Territories)
f. Tribal jurisdiction of first registration (select from list
of Tribes and ``Other Tribe'')
g. Name of the other Tribe (enter name of the other Tribe not
included in list for line 10f, only available if ``Other Tribe''
selected in line 10f)
Current U.S. address (street address):
11. * Address (number, street, and apt. or suite no.)
12. * City
13. * U.S. or U.S. Territory (select U.S.; or U.S. Territory from
list of U.S. Territories)
14. * State (select from list of U.S. States; if a U.S. Territory
was selected in line 13, line 14 populates automatically with the
selected U.S. Territory)
15. * ZIP Code
16. Existing Reporting Company (check if Reporting Company was
created or registered before January 1, 2024) (if this box is
checked, then Company Applicant information is not required, proceed
to Part III)
Part II. Company Applicant Information
(report up to two Company Applicants, lines 17-32 are repeated for
each Company Applicant; if Existing Reporting Company was checked in
line 16, Company Applicant information is not required, proceed to
Part III.)
Company Applicant FinCEN ID:
17. FinCEN ID (if FinCEN Identifier is not provided, information
about the Company Applicant must be provided in the lines below)
Full legal name and date of birth:
18. * Individual's last name
19. * First name
20. Middle name (required if the Company Applicant has a middle
name)
21. Suffix (required if the Company Applicant's name has a suffix)
22. * Date of birth
Current address (street address):
23. * Address type (check the appropriate box for lines 23a or 23b)
a. Business address
b. Residential address
24. * Address (number, street, and apt. or suite no.)
25. * City
26. * Country/Jurisdiction (select from list of countries/
jurisdictions)
27. * State (select from list when United States, Canada, or Mexico
was selected in line 26; if a U.S. Territory was selected in line
26, line 27 populates automatically with the selected U.S.
Territory; if a foreign country was selected in line 26, line 27
remains empty)
28. * ZIP/Foreign postal code
Form of identification and issuing jurisdiction:
29. * Identifying document type (select one from list of lines 29a-
29d)
a. State-issued driver's license
b. State/local/Tribe-issued ID
c. U.S. passport
d. Foreign passport (may only be provided if individual does not
possess document type listed in line 29a, 29b, or 29c.)
30. * Identifying document number
31. * Identifying document issuing jurisdiction (select country/
jurisdiction in line 31a and complete lines 31b-31d if applicable)
a. Country/Jurisdiction (select from list of countries/
jurisdictions)
b. State (select from list when the United States was selected
in line 31a and the identifying document is issued by a State; if a
U.S. Territory was selected in line 31a, line 31b populates
automatically with the selected U.S. Territory; if a foreign country
was selected in line 31a, line 31b remains empty)
c. Local/Tribal (select from list when the United States was
selected in line 31a and the identifying document is issued by a
local jurisdiction or Tribe; if local jurisdiction or Tribe is not
included in list, select ``Other'' and go to line 31d; if a U.S.
territory or foreign country was selected in line 31a, line 31c
remains empty)
d. Other local/Tribal name (only available if ``Other'' selected
in line 31c; enter name of local jurisdiction or Tribe that was not
included in the list for line 31c)
32. * Identifying document image (attach image of identifying
document referred to in lines 30-32) (instructions on upload process
will be provided here)
Part III. Beneficial Owner Information
(multiple Beneficial Owners may be reported, lines 33-49 are
repeated for each Beneficial Owner)
33. Parent/Guardian information instead of minor child (check if the
Beneficial Owner is a minor child and the parent/guardian
information is provided instead)
Beneficial Owner FinCEN ID:
34. FinCEN ID (if FinCEN Identifier is not provided, information
about the Beneficial Owner must be provided in the lines below)
Exempt entity:
35. Exempt entity (check the box when an exempt entity is being
reported in lieu of a Beneficial Owner's information; if checked,
provide the legal name of the exempt entity in line 36, and lines
37-39 are grayed out)
Full legal name and date of birth:
36. * Individual's last name (or entity's legal name if line 35 box
is checked)
37. * First name
38. Middle name (required if the Beneficial Owner has a middle name)
39. Suffix (required if the Beneficial Owner's name has a suffix)
40. * Date of birth
Residential address (street address):
41. * Address (number, street, and apt. or suite no.)
42. * City
[[Page 67448]]
43. * Country/Jurisdiction (select from list of countries/
jurisdictions)
44. * State (select from list when United States, Canada, or Mexico
was selected in line 43; if a U.S. Territory was selected in line
43, line 44 populates automatically with the selected U.S.
Territory; if a foreign country was selected in line 43, line 44
remains empty)
45. * ZIP/Foreign postal code
Form of identification and issuing jurisdiction:
46. * Identifying document type (select one from list of lines 46a-
46d)
a. State-issued driver's license
b. State/local/Tribe-issued ID
c. U.S. passport
d. Foreign passport (may only be provided if individual does not
possess document type listed in line 46a, 46b, or 46c)
47. * Identifying document number
48. * Identifying document issuing jurisdiction (select country/
jurisdiction in line 48a and complete lines 48b-48d if applicable)
a. Country/Jurisdiction (select from list of countries/
jurisdictions)
b. State (select from list when the United States was selected
in line 48a and the identifying document is issued by a State; if a
U.S. Territory was selected in line 48a, line 48b populates
automatically with the selected U.S. Territory; if a foreign country
was selected in line 48a, line 48b remains empty)
c. Local/Tribal (select from list when the United States was
selected in line 48a and the identifying document is issued by a
local jurisdiction or Tribe (if local jurisdiction or Tribe is not
included in the list, select ``Other'' and go to line 48d); if a
U.S. Territory or foreign country was selected in line 48a, line 48c
remains empty)
d. Other local/Tribal name (only available if ``Other'' selected
in line 48c; enter name of local jurisdiction or Tribe that was not
included in list for line 48c)
49. * Identifying document image (attach image of identifying
document referred to in in lines 46-48) (instructions on upload
process will be provided here)
Summary of Data Fields for the Potential Second Implementation: Part
III (Beneficial Owner Information)
Part III. Beneficial Owner Information
(multiple Beneficial Owners may be reported, lines 33-49 are
repeated for each Beneficial Owner)
33. Parent/Guardian information instead of minor child (check if the
Beneficial Owner is a minor child and the parent/guardian
information is provided instead)
Beneficial Owner FinCEN ID:
34. FinCEN ID (if FinCEN Identifier is not provided, information
about the Beneficial Owner must be provided in the lines below)
Exempt entity:
35. Exempt entity (check the box when an exempt entity is being
reported in lieu of a Beneficial Owner's information; if checked,
provide the legal name of the exempt entity in line 36, and lines
37-39 are grayed out)
Full legal name and date of birth:
36. * Individual's last name (or entity's legal name if line 35 box
is checked)
z. (if you are not able to obtain this information about the
Beneficial Owner, select the appropriate reason from the drop-down
list of values \2\)
---------------------------------------------------------------------------
\2\ FinCEN is considering several drop-down options, including
(but not limited to): ``Cannot Contact BO''; ``BO Unresponsive'';
``BO Refused to Provide''; and ``Third Party Refused to Provide.''
---------------------------------------------------------------------------
37. * First name
z. (if you are not able to obtain this information about the
Beneficial Owner, select the appropriate reason from the drop-down
list of values)
38. Middle name (required if the Beneficial Owner has a middle name)
39. Suffix (required if the Beneficial Owner's name has a suffix)
40. * Date of birth
z. (if you are not able to obtain this information about the
Beneficial Owner, select the appropriate reason from the drop-down
list of values)
Residential address (street address):
41. * Address (number, street, and apt. or suite no.)
z. (if you are not able to obtain this information about the
Beneficial Owner, select the appropriate reason from the drop-down
list of values)
42. * City
z. (if you are not able to obtain this information about the
Beneficial Owner, select the appropriate reason from the drop-down
list of values)
43. * Country/Jurisdiction (select from list of countries/
jurisdictions)
z. (if you are not able to obtain this information about the
Beneficial Owner, select the appropriate reason from the drop-down
list of values)
44. * State (select from list when United States, Canada, or Mexico
was selected in line 43; if a U.S. Territory was selected in line
43, line 44 populates automatically with the selected U.S.
Territory; if a foreign country was selected in line 43, line 44
remains empty)
z. (if you are not able to obtain this information about the
Beneficial Owner, select the appropriate reason from the drop-down
list of values)
45. * ZIP/Foreign postal code
z. (if you are not able to obtain this information about the
Beneficial Owner, select the appropriate reason from the drop-down
list of values)
Form of identification and issuing jurisdiction:
46. * Identifying document type (select one from list of lines 46a-
46d)
e. State-issued driver's license
f. State/local/Tribe-issued ID
g. U.S. passport
h. Foreign passport (may only be provided if individual does not
possess document type listed in line 46a, 46b, or 46c)
z. (if you are not able to obtain this information about the
Beneficial Owner, select the appropriate reason from the drop-down
list of values)
47. * Identifying document number
z. (if you are not able to obtain this information about the
Beneficial Owner, select the appropriate reason from the drop-down
list of values)
48. * Identifying document issuing jurisdiction (select country/
jurisdiction in line 48a and complete lines 48b-48d if applicable)
b. Country/Jurisdiction (select from list of countries/
jurisdictions)
z. (if you are not able to obtain this information about the
Beneficial Owner, select the appropriate reason from the drop-down
list of values)
c. State (select from list when the United States was selected
in line 48a and the identifying document is issued by a State; if a
U.S. Territory was selected in line 48a, line 48b populates
automatically with the selected U.S. Territory; if a foreign country
was selected in line 48a, line 48b remains empty)
z. (if you are not able to obtain this information about the
Beneficial Owner, select the appropriate reason from the drop-down
list of values)
c. Local/Tribal (select from list when the United States was
selected in line 48a and the identifying document is issued by a
local jurisdiction or Tribe (if local jurisdiction or Tribe is not
included in the list, select ``Other'' and go to line 48d); if a
U.S. Territory or foreign country was selected in line 48a, line 48c
remains empty)
z. (if you are not able to obtain this information about the
Beneficial Owner, select the appropriate reason from the drop-down
list of values)
d. Other local/Tribal name (only available if ``Other'' selected
in line 48c; enter name of local jurisdiction or Tribe that was not
included in list for line 48c)
49. * Identifying document image (attach image of identifying
document referred to in in lines 46-48) (instructions on upload
process will be provided here) (if you are not able to obtain this
information about the Beneficial Owner, select the appropriate
reason from the drop-down list of values)
[FR Doc. 2023-21293 Filed 9-28-23; 8:45 am]
BILLING CODE 4810-02-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on September 29, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.