What is a FinCEN Identifier?
A FinCEN Identifier is a unique number assigned by the Financial Crimes Enforcement Network (FinCEN) to individuals or entities that have submitted their Beneficial Ownership Information (BOI) directly to FinCEN. This identifier simplifies the reporting process by allowing individuals or entities to use the FinCEN Identifier in place of resubmitting detailed personal information in subsequent filings.
For example, when an entity is required to file its BOI report, instead of providing all beneficial ownership details each time, it can reference the FinCEN Identifier associated with a previously submitted BOI report. This ensures consistency, reduces redundancy, and increases efficiency in maintaining compliance with FinCEN’s reporting requirements under the Corporate Transparency Act (CTA).
The FinCEN Identifier is particularly useful for individuals who serve as beneficial owners for multiple entities, as it allows them to maintain control over their personal information while meeting the reporting obligations.
