Beneficial Owner Information (BOI) Compliance
Solutions for BOI Reporting
In the ever-evolving landscape of financial regulations, compliance is key to safeguarding your business. The Corporate Transparency Act (CTA) has introduced significant changes, mandating US companies to report accurate information about their beneficial owners.
CrichtonMullings, with over 30 years of expertise in accounting and taxation, is your trusted partner in navigating the complexities of CTA compliance. We understand the critical importance of meeting these requirements to prevent financial crimes and protect your business.
What is a Beneficial Owner?
A beneficial owner is an individual with direct or indirect control over an entity, owning or controlling at least 25% of the ownership interests. This data is essential to combat money laundering, terrorist financing, and other illicit activities.
Under the Corporate Transparency Act (CTA), willful violation of Beneficial Owner Information (BOI) reporting may result in civil penalties of during the violation. Additionally, individuals may face criminal penalties, including up to two years of imprisonment and fines of up to $10,000.
Compliance is not just a legal requirement; it is a crucial step in protecting against financial crimes and ensuring transparency.
Fill out our contact form below, and our experts will reach out to assist you with compliance. Kindly note that the fee for this service is $200. Please make a payment below once you’ve submitted this form.