Correcting mistakes in a Beneficial Ownership Information (BOI) report involves identifying the error, gathering the correct information, and submitting the revised data to the Financial Crimes Enforcement Network (FinCEN) according to the guidelines provided. Here’s a step-by-step guide on how to correct mistakes in a BOI report.

1. Identify the Error

Carefully review the previously submitted BOI report to identify the specific mistake. This could be incorrect information about a beneficial owner, a missing beneficial owner, or other inaccuracies.

2. Gather Correct Information

Obtain the correct information for the beneficial owner(s) involved. This includes their full legal name, date of birth, residential or business address, and an identifying number from a government-issued ID.

3. Prepare the Corrected Report

Prepare the necessary documentation to support the corrected information. This could include updated government-issued ID copies or any other relevant documents.

4. Submit the Corrected Information

FinCEN will likely provide an online portal for submitting BOI reports and corrections. Use this portal to file the corrected information. If applicable, you might also be able to use the paper forms provided by FinCEN for reporting corrections. Follow the instructions for completing and submitting these forms.

Ensure that the corrected report includes all required details and is complete. This includes the correct information for all beneficial owners and any additional data as specified by FinCEN.

5. Notify FinCEN Promptly

Submit the corrected information as soon as possible. The CTA regulations typically require updates to be made within a specified period (usually 30 days) from when the error is identified or the information changes.

6. Confirm Submission

After submitting the corrected information, obtain confirmation from FinCEN that the submission has been received and processed. This could be an email confirmation or a receipt from the online portal.

7. Maintain Records

Keep copies of the original BOI report, the corrected report, and any correspondence or confirmation from FinCEN. This documentation should be retained for your records and future reference.

8. Review Internal Processes

Review and, if necessary, enhance your internal compliance procedures to prevent similar errors in the future. This could involve additional training for staff responsible for BOI reporting, implementing more robust data verification processes, or improving record-keeping practices.

Summary Checklist for Correcting BOI Report Mistakes

1. Identify the Error: Review the filed BOI report to locate the mistake.
2. Gather Correct Information: Collect accurate data and supporting documentation for the beneficial owner(s).
3. Prepare the Corrected Report: Ensure all required details are included and complete.
4. Submit the Corrected Information: Use FinCEN’s designated reporting method (online portal or paper forms).
5. Notify FinCEN Promptly: Submit corrections within the specified period (typically 30 days).
6. Confirm Submission: Obtain and retain confirmation of receipt from FinCEN.
7. Maintain Records: Keep copies of all relevant documents and correspondence.
8. Review Internal Processes: Enhance compliance procedures to prevent future errors.

By following these steps, businesses can ensure that any mistakes in their BOI reports are promptly and accurately corrected, maintaining compliance with the Corporate Transparency Act and FinCEN regulations. Want some help? Propel offers a comprehensive BOI filing service to make compliance a breeze.