The Treasury Department agency enforcing new beneficial ownership information (BOI) reporting requirements for businesses will focus its attention on education and outreach during the first year of implementation, although “willful violations” will still merit punishment.
Andrea Gacki, director of the Financial Crimes Enforcement Network, said Wednesday in testimony before the House Committee on Financial Services that “FinCEN has no interest in hitting small businesses with excessive fines or penalties” regarding BOI reporting.
