US Beneficial Ownership Information Reporting (BOIR) in Entities

Background

On Monday, January 1, 2024, US Financial Crimes and Enforcement Network (FinCEN) implemented the Corporate Transparency Act (CTA). Beneficial Ownership Information Reporting (BOIR) is enforced as part of the new CTA regulations.

To learn more about Beneficial Ownership Information Reporting, refer to the FinCEN website.

To learn more about reporting requirements and exemptions, refer to the FinCEN compliance guide.

BOIR e-filing licence in Diligent Entities

BOIR e-data recording and e-filing can be purchased as an additional licence option for Diligent Entities.

This functionality comes with additional user role rights controlling levels of access.

To learn more about setting up access to BOI reporting in Entities, refer to Activating BOI Reporting in Entities.

Controlling BOIR data

Entities features a set of wizards, data libraries, user-defined fields, and screens which streamline gathering the necessary information you will use to e-file BOIR to FinCEN.

Entities stores BOI data being reported or submitted in new data libraries and user-defined fields. Administrators must review and adjust user access to these elements individually.

Data libraries

Entities stores data being reported or submitted in the following data libraries.

  • BOIR Filing Information (SYS_BOI_FILE)

  • BOIR Reporting Company (SYS_BOI_COMP)

  • BOIR Company Applicant (SYS_BOI_CAPP)

  • BOIR Beneficial Owner (SYS_BOI_BENO)

  • BOIR Report (BOIRREPORT)

  • Form of Identifying Document (SYS_IDDOC)

Screens

After you enter the BOIR data in Entities, you can view and edit it in the following screens:

  • Company details

  • Ownership

  • BOIR Reporting (US)

Wizards

Beneficial Ownership Information Reporting functionalities in Entities include two wizards for gathering the relevant data, verifying the information, and e-filing to FinCEN.

  • The Set-up BOI Reporting (US) wizard guides you through gathering the necessary information for BOI reporting to FinCEN.

  • The BOI Filing (US) wizard guides you through preparing the data, verifying its completeness, and e-filing it to FinCEN.

To learn more about how to gather, prepare, verify, and e-file BOIR data, refer to Reporting BOI Information to FinCEN.

User-defined fields

FinCEN Id

You can store FinCEN IDs for Reporting Companies, Company Applicants, and Beneficial Owners in a new user-defined field. For individuals without FinCEN IDs, Entities stores identifying documents and supports uploading and storing required document images.

  • If a company or an individual has a FinCEN ID, it is stored in the new user-defined field FinCEN Id.

  • If an individual does not have a FinCEN ID, they must provide and store identifying documentation in the Form of identifying document data library.

Name suffix for US Beneficial Ownership Information Reporting

If the Beneficial Owner's name contains a suffix, it is stored in the new Name suffix for US Beneficial Ownership Information Reporting user-defined field.