A few weeks ago, members of the Incserv team attended the Delaware Division of Corporations’ User Meeting, a small quarterly gathering of registered agents that have online access to the state. Expectedly, the meeting focused on beneficial ownership. FinCEN representatives presented on the program’s recent rollout, its reception and learnings and best practices. Highlights include: 

File with a Respected, Established Vendor

Already, scams are afoot. FinCEN noted that it has seen illegitimate parties set up websites designed to look like proper BOI collection systems, only to result in the information collected selling on the dark web for upwards of $500. Whether you file on your own, with us or with a different vendor, please do your research to determine the legitimacy of the third party you work with. Find out how long a vendor has been in business. Do they have contact information on their website? Research their leadership team. Examine the domain of their website. Does it make sense? Are things spelled correctly? Use a tool like Who Is to potentially see who registered the domain and when. 

Communicating with FinCEN

Currently, the only way to communicate with FinCEN is through its online form. They will respond on a first come first serve basis. Phone support and live chat is coming. 

Slow Start for FinCEN IDs

So far, only a few thousand FinCEN IDs have been created. Here at Incserv, we use this functionality because we know that our CSRs will show up on the filings for which we are operating in an entity applicant role

Data Flow

Currently, only FinCEN has access to BOI data. Eventually, law enforcement will, followed by financial institutions (but only with consent): 

“FinCEN will permit Federal, State, local, and Tribal officials, as well as certain foreign officials who submit a request through a U.S. Federal government agency, to obtain beneficial ownership information for authorized activities related to national security, intelligence, and law enforcement. Financial institutions will have access to beneficial ownership information in certain circumstances, with the consent of the reporting company.”

No Paper… For Now

Currently, all BOI reporting is done digitally, including the ability to upload a PDF. However, FinCEN acknowledges that there is a portion of the population that needs a non-digital method to submit. FinCEN plans to address this issue soon.

As Always, We’re Here to Help

For all your BOI needs and questions, email cta@incserv.com.