FinCEN IDs - Frequently Asked Questions
What is a FinCEN ID?
A FinCEN ID is a 12-digit number that can be applied for and used when filing a Business Ownership Information (BOI) report. Users can elect to enter their personal information, including a copy of their valid ID, into an online portal. Upon submission of their information, they will receive their FinCEN ID.
What does it do?
FinCEN IDs can simplify the process of filing a BOI report by allowing Beneficial Owners, Company Applicants, and even the Reporting Company to file BOI reports using their FinCEN ID alone. This eliminates the need to enter the typical information required, such as their name, date of birth, address, copy of their ID, etc.
Do I need one in order to file my BOI report?
No, FinCEN ID numbers are not required. Any individual or company can file their BOI report without a FinCEN ID by entering their information and supplying a copy of their driver’s license, state ID, or passport. passport.
What if I use a FinCEN ID to file and my information changes?
Individuals must report any changes to the information they submitted to obtain a FinCEN identifier no later than 30 days after the date on which the change occurred.
What are the benefits of using a FinCEN ID?
Ease of use - Filers using a FinCEN ID can save the time of entering their personal information for every Reporting Company.
Easier Ongoing Compliance - An individual listed on multiple BOI reports will not have to update each report when their personal information changes. Instead, they will be able to meet their compliance requirement simply by updating the information tied to their FinCEN ID.
Less Work for the Business - By requiring Beneficial Owners to submit using a FinCEN ID, the burden of updating personal information shifts from the Reporting Company responsible for keeping their BOI report up to date, to the individuals responsible for keeping their personal information on file with FinCEN up to date.
How do I get a FinCEN ID?
Select “Create an account”
Enter your email address and click “Submit”
Once you receive the confirmation email, click the button in the email to confirm your email address
Once you click, you will be forwarded to a webpage to input your password
Follow the instructions to set up 2-Factor Authentication for maximum security
Once you click “Agree and continue” and you will be routed to https://fincenid.fincen.gov/ where you can sign in using the email and password you just created
Enter your personal information including an address and a current form of ID and click submit
Record the 12-digit FinCEN ID that is displayed and download the submission receipt to store in a secure location