FinCEN mulling beneficial ownership reporting changes amid criticism

The reporting requirements of the beneficial ownership information (BOI) registry being developed by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) will likely be revised following harsh criticism from lawmakers and businesses.

Himamauli Das, FinCEN’s acting director, said in a statement to multiple media outlets, including the Wall Street Journal, that the agency was “working to issue an updated beneficial ownership information reporting form as soon as possible.”

FinCEN and the Treasury Department did not respond to a request seeking confirmation of the statement.