The Financial Crimes Enforcement Network (FinCEN) ended the requirement that small businesses report beneficial ownership information (BOI) but neither businesses nor banks should consider themselves off the hook about BOI, experts said.
FinCEN announced Aug. 11 it was killing the BOI rule, a mandate that certain small businesses report information about any persons holding 25 percent or more ownership in the company. The plan had been to hold the information in a secure government depository, with law enforcement, regulators and financial institutions allowed access under certain circumstances. About 37 million small businesses fell under the rule.
