BENEFICIAL OWNERSHIP INFORMATION REPORTING REQUIREMENTS

We reported recently that community associations would have to file the Beneficial Ownership Information Reports (BOIR) required by the Corporate Transparency Act (CTA) even though this anti-money laundering legislation was not REALLY intended to apply to them. The first reports for existing entities under the law are due by January 1, 2025, and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) recently published guidelines for filing them.

The BOIR is filed online, however, the submitter must provide his/her name, email address and other information required. Instructions on how to complete BOIR can be located on the FinCEN website. The filing must include all “beneficial owners.” For community associations, these would be the trustees.  See MEEB’s article CTA Reporting Requirement detailing the filing requirements:

It is possible that the Community Associations Institute (CAI) will persuade FinCEN to exempt community associations from these reporting requirements, but at least for now, associations should assume they will have to comply.  You don’t have to file yet, but boards or managers should review the forms, make sure they understand how to complete them, and perhaps collect the information and documents they will need.

For assistance in understanding the FinCEN requirements and completing the reports, please contact Mark Einhorn.