What is a FinCEN ID, and who should get one?

What is a FinCEN ID?

A FinCEN ID is an identification number that an individual or company can obtain that can limit the number of times they may need to provide the required information in connection with BOI filings. A FinCEN ID can be obtained through FinCEN’s website at https://fincenid.fincen.gov/. Instead of needing to provide all required items of information and identification, an individual or company can simply provide a FinCEN ID.

The information required to obtain a FinCEN ID is the same as the information that the individual or company would need to provide when the initial report is filed.

What are the Benefits of a FinCEN ID?

In general, a FinCEN ID can be a really a good way to save time and work when it comes to BOI filings.

For example, if an individual was Beneficial Owner of 10 reporting companies, and moved their residential address, all 10 companies will need to file an updated BOI filing twice (once when the individual actually moves, and once when their photo identification document is updated). If the Individual provided each of those companies a FinCEN ID, then the individual will only need to file twice to update their own FinCEN information (assuming the updated photo identification document can’t be provided at the same time as the new address).

The same principles can apply to Company Applicants and companies with respect to reporting.

What are the Obligations to Keep FinCEN ID Information Updated?  All information submitted in a FinCEN ID application must be kept up to date, and a report must be filed within 30 days after any change to that information. If an error was made in a report, it must be corrected within 30 days after the person knew or should have known of the error, but in any event, no later than 90 days after the report was originally due in order to avoid penalties.

Currently, there is no way to remove the FinCEN ID, so once you obtain one, the reporting obligation will never expire.