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This allows an individual to input their beneficial owner information, receive a code, and provide this code to the reporting company.
A FinCEN ID is a unique identifying number issued to an individual by FinCEN. Although there is no requirement to obtain a FinCEN ID, doing so can simplify the reporting process.
You'll be able to use this individual FinCEN ID to complete the actual required Beneficial Ownership Information Report (BOIR). Instructions on this post: FinCEN How To: Part 2
The two primary benefits include:
Ease of updating information - it allows the individual beneficial owner the ability to update their information once and have it flow through to the multiple entities they may own now or in the future.
Shifts the burden to the individual beneficial owner - Rather than the reporting entity needing to file an updated report for each individual BOI change, the individual beneficial owner can update their information once and then have it flow through.
The steps to obtain a FinCEN ID for an individual are below. Note that you will need to sign in with a login.gov account using two-factor authentication (2FA).
Visit the FinCEN ID Application for Individuals
At the time I tried, this link was showing as “not safe” by many browsers. It’s your call if you want to proceed at this time or wait until a hopeful future fix. Personally, I pressed on.
Once logged in, you’ll be directed to the FinCEN ID Application.
Enter your full legal name and date of birth
Enter your address - note that this must be a physical residential or business address; you cannot use a P.O. box.
Form of Identification and Issuing Jurisdiction
Scroll down and the final piece of information is an identifying document and an image of the document.
Selecting on the identifying document you wish to use will make available the necessary fields and the ability to upload a photo or PDF of the document.
A quick point here is that you’ll need to update your information within 30 days any time your information changes, including the expiration of your identifying document. Meaning, if you use your passport that doesn’t expire for up to 10 years and doesn't include your address, you may have more time compared to say your driver’s license that might expire next year.
You must certify that the information furnished is true, correct, and complete. FinCEN also provides a nice little reminder that willful provision of false or fraudulent information is subject to civil or criminal penalties
Receive your FinCEN ID
This will be included on the Submission Receipt along with the information that you submitted.
Click on the Download button to receive a clean PDF copy of the report and save for your records.
Note that login.gov requires 2FA and is intended for the actual individual user to complete the application. Therefore, it’s unlikely or impractical to have a third party preparer (e.g. attorney, admin assistant, accountant) access it.
Complete Beneficial Ownership Information Report (BOIR)
You'll now be able to provide your shiny new FinCEN ID to the person(s) responsible for completing and filing the Beneficial Ownership Information Report (BOIR) for the entity. If that's you, head over to Part 2 for instructions.
Disclaimer:
This is for informational purposes only and should not be construed as tax, legal, or financial advice. While this information has been provided using reliable sources, the information is subject to change. It is recommended that you seek legal counsel prior to filing.