Beneficial Ownership Information

Y’all doing it now or saving this for later?

https://www.fincen.gov/boi

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I had to click on the link to see what that is. Is this something we are required to do by Amazon, or some gov (the word is not allowed here) regulatory requirement?

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US Treasury Financial Crimes Enforcement Network

https://www.fincen.gov/what-we-do

Another step in supposedly curbing money laundering.

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Gov requirement. We have 1 year, but I think if I wait that long, I’m gonna forget. The fine is something like up to $500 per day or something insane that I can’t afford.

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This is an every business thing too, not just micro businesses like all of us.

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I just did it to get it over with. It’s not too long or involved.

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I didn’t immediately recognize it, either.

Many companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024. Learn more about reporting deadlines.


@Amazon_Seller thank you for bringing this up! May I please move this topic either to the wider public area, or to :lock: SAS Confidential (members only)? Please let me know. If not, I will recreate one (but give you credit, of course!).

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Sure. How about a topic about new laws/regulations we need to be aware of?

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@Amazon_Seller for now I’ve just moved this topic to E-commerce Business Management, but great suggestion! Thank you for putting this forward for 2024.

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How did you come across this?
Or was it brought to your attention via some type of source?

I cannot speak for anyone else, but the FinCEN press release of 29September2022 was the first time I was made aware of this requirement.

I must have missed that… :neutral_face:

It’s likely that I would have as well, had it not been for a post in OSFE which first made me aware (the MSM & the other usual suspects were somewhat laggardly in reporting on this during the BOI Rule’s initial comment period)

I’d have to do some digging into my Q3/22 & Q4/22 archives to find the post(s), and the OP of the thread where I first ran across BOI, as the identity of the latter presently escapes me* - but I do recall that SAS/BSFE’s own @dwat0870 made reference to it some months back, during the height of the INFORM US Consumers Act debacle.


*

Mayhaps I’ve mentioned a time or more before that I’m just about two days older than dirt?

Perhaps I may be forgiven for allowing my faculties to go to mere pottage in my dotage? :slightly_smiling_face:

LegalZoom emailed me.

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NSFE is discussing this. I’m afraid some sellers don’t know about BOI and might not file. I only lurk there; I never post. Too bad we can’t DM.

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I just checked. I don’t qualify. Will check to see if I need to do the exemption.

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Yepper; the most-recent NSFE discussion on this topic, AFAIK, is here:

https://sellercentral.amazon.com/seller-forums/discussions/t/b133fdb0-07c1-4ca0-a955-a2749890443e


Seconded, with a caveat:

There would seem to be far-too many of us in the Amazon Seller Community who demonstrate having little or no literal comprehension of just what it takes to succeed, come what may:

PERSONAL Responsibility



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I’m guessing you’re just not a reporting company?

Only certain companies need to file the exemption:

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Flow chart to determine if you are NOT a “reporting company” and do not have to worry about it.

Small Entity Compliance Guide

Help & Resources

BOI E-Filing System

Ugg

Damm … @Amazon_Seller proved we be a slow typer again

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So, checking with this flow check, and if end up with “Not a reporting company”, that means don’t need to do anything with this partucular rule, right?

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