BOI: Beneficial Ownership Information

Beneficial Ownership Information (BOI) refers to the identifying details of natural persons who ultimately own or control a company. Under the Corporate Transparency Act (CTA), reporting companies must submit BOI to FinCEN.

What BOI Includes

For each beneficial owner:

• Full legal name
• Date of birth
• Current residential address
• Unique identifying number (passport, driver's license, or state ID)
• Image of the identification document

The BOI Database

The CTA created a federal database of beneficial owners—a fundamental shift in US corporate transparency. Previously, ownership information was fragmented across state business registries with no central repository.

Who Can Access BOI

• Federal law enforcement
• State/local law enforcement (with court authorization)
• Financial institutions (with customer consent, for CDD purposes)
• Foreign authorities (through existing legal channels)

The database is not publicly accessible.

BOI and KYB

For KYB practitioners, BOI reporting means:

• Reporting companies have ownership information on file with FinCEN
• Financial institutions can access BOI to verify beneficial ownership claims
• The standard of care for UBO verification is rising

Key Dates

As of March 2025, domestic US companies are exempt from BOI reporting. Requirements now apply only to foreign entities registered to do business in the US. See Corporate Transparency Act for current requirements.

Related: CTA | UBO | FinCEN