On February 14, 2024, FinCEN Director Andrea Gacki gave testimony before the US House of Representatives. We took note of her comments related to the Corporate Transparency Act Beneficial Ownership Information reporting. Check out our summary below of her comments related to BOI reporting.

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• In the first week since the filing became live, more than 100,000 companies successfully filed their BOI reports.
• To date, FinCEN has received more than 430,000 BOI reports.
• While FinCEN is encouraged by the current pace of filings, the fact remains that many of the small businesses that need to file their information are not familiar with FinCEN and may not yet even be tracking the rule. 
• The CTA penalizes willful violations of the law, and FinCEN is not seeking to take“gotcha” enforcement actions.
• Looking ahead, FinCEN will continue its efforts to promote compliance with the reporting requirements.  
• At present, it is anticipated that most reporting companies will have simple ownership structures with only one or two beneficial owners and should be able to fill out the form in about 20 minutes without the help of an attorney, accountant, or other advisor.
• FinCEN will continue their outreach and guidance, aiming to promote accurate and timely reporting that benefits national security, while minimizing any burden on small businesses.