The Financial Crimes Enforcement Network, or FinCEN, is a bureau of the U.S. Department of the Treasury responsible for collecting and analyzing financial data to combat money laundering, terrorism financing, and other financial crimes. For most non-U.S. founders with U.S. companies, FinCEN is the agency that receives and manages Beneficial Ownership Information (BOI) reports under the Corporate Transparency Act.
What is FinCEN? (The Financial Crimes Enforcement Network)?
FinCEN plays a key role in U.S. financial regulation by requiring certain businesses to disclose who ultimately owns or controls them. Under the Corporate Transparency Act, most U.S. LLCs, corporations, and similar entities must file a BOI report directly with FinCEN. This report includes details about each beneficial owner and company applicant, such as full legal name, date of birth, residential address, and a copy of an identification document.
For non-U.S. founders, this means that even if you live abroad, you still have to provide personal details to FinCEN when forming or owning a U.S. business. The BOI filing is not public, but it is accessible to certain government agencies and financial institutions for law enforcement and compliance purposes. Companies must also keep this information up to date and file a new report within 30 days of any ownership or control changes.
Failure to comply with FinCEN’s BOI reporting requirements can result in serious penalties, including civil fines and potential criminal charges. While FinCEN also oversees other reporting rules for banks and financial institutions, for most small business owners—especially international founders—the BOI report is the most common interaction with the agency.
Understanding FinCEN’s role is essential because it is now a standard part of maintaining compliance for any U.S. business, regardless of whether it has U.S.-based owners or operates entirely from abroad.
