Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices 67443 

1 87 FR 59498 (Sept. 30, 2022). 

2Specifically, the CTA is Title LXIV of the 

William M. (Mac) Thornberry National Defense 

Authorization Act for Fiscal Year 2021, Public Law 

116–283 (Jan. 1, 2021). Division F of the NDAA is 

the Anti-Money Laundering Act of 2020, which 

includes the CTA. Section 6403 of the CTA, among 

other things, amended the Bank Secrecy Act (BSA) 

by adding a new section 5336, Beneficial 

Ownership Information Reporting Requirements, to 

subchapter II of chapter 53 of title 31, United States 

Code. 

3Public Law 104–13, 44 U.S.C. 3506(c)(2)(A). 

4 31 U.S.C. 5336(b) and 31 CFR 1010.380(b). 

317–6009, at Internal Revenue Service, 

Room 6526, 1111 Constitution Avenue 

NW, Washington, DC 20224, or through 

the internet at Lanita.VanDyke@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Procedures for Requesting 

Competent Authority Assistance Under 

Tax Treaties. 

OMB Number: 1545–2044. 

Revenue Procedure Number: 2015–40. 

Abstract: Taxpayers who believe that 

the actions of the United States, a treaty 

country, or both, result or will result in 

taxation that is contrary to the 

provisions of an applicable tax treaty are 

required to submit the requested 

information in order to receive 

assistance from the IRS official acting as 

the U.S. competent authority. The 

information is used to assist the 

taxpayer in reaching a mutual 

agreement with the IRS and the 

appropriate foreign competent 

authority. 

Current Actions: There are no changes 

being made to the revenue procedure at 

this time. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Individuals or 

households, business or other for-profit 

organizations. 

Estimated Number of Respondents: 

300. 

Estimated Time Per Respondent: 30 

minutes. 

Estimated Total Annual Burden 

Hours: 9,000. 

The following paragraph applies to all 

the collections of information covered 

by this notice. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless the collection of information 

displays a valid OMB control number. 

Books or records relating to a collection 

of information must be retained if their 

contents may become material in the 

administration of any internal revenue 

law. Generally, tax returns and tax 

return information are confidential, as 

required by 26 U.S.C. 6103. 

Request for Comments: Comments 

submitted in response to this notice will 

be summarized and/or included in the 

request for OMB approval. All 

comments will become a matter of 

public record. Comments are invited on: 

(a) Whether the collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information shall have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden of the collection of 

information; (c) ways to enhance the 

quality, utility, and clarity of the 

information to be collected; (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology; and (e) estimates of capital 

or start-up costs and costs of operation, 

maintenance, and purchase of services 

to provide information. 

Approved: September 26, 2023. 

Molly J. Stasko, 

Senior Tax Analyst. 

[FR Doc. 2023–21532 Filed 9–28–23; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Agency Information Collection 

Activities; Submission for OMB 

Review; Comment Request; Beneficial 

Ownership Information Reports 

AGENCY: Departmental Offices, U.S. 

Department of the Treasury. 

ACTION: Notice of information collection; 

request for comments. 

SUMMARY: The Department of the 

Treasury, on behalf of the Financial 

Crimes Enforcement Network (FinCEN), 

will submit the beneficial ownership 

information (BOI) report information 

collection request to the Office of 

Management and Budget (OMB) for 

review and clearance in accordance 

with the Paperwork Reduction Act of 

1995 (PRA), on or after the date of 

publication of this notice. The details 

included in the information collection 

are listed below. The public is invited 

to submit comments on this information 

collection request. 

DATES: Written comments should be 

received on or before October 30, 2023. 

ADDRESSES: Written comments on the 

proposed information collection should 

be sent within 30 days of publication of 

this notice to www.reginfo.gov/public/ 

do/PRAMain. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. 

FOR FURTHER INFORMATION CONTACT: 

Copies of the submissions may be 

obtained from Spencer W. Clark by 

emailing PRA@treasury.gov, calling 

(202) 927–5331, or viewing the entire 

information collection request at 

www.reginfo.gov. 

SUPPLEMENTARY INFORMATION: 

Financial Crimes Enforcement Network 

(FinCEN) 

I. Statutory and Regulatory Provisions 

FinCEN issued the Beneficial 

Ownership Information Reporting 

Requirements final rule on September 

30, 2022 (final BOI reporting rule).1 The 

final BOI reporting rule requires certain 

legal entities to report to FinCEN 

information about themselves as well as 

information about their beneficial 

owners. Entities created or registered to 

do business on or after January 1, 2024, 

must also identify the individual who 

directly filed the document with 

specified governmental authorities that 

created the entity or registered it to do 

business, as well as the individual who 

was primarily responsible for directing 

or controlling such filing if more than 

one individual was involved in the 

filing of the document. Further, the 

regulations describe who must file a 

report, what information must be 

provided, and when a report is due. 

Entities must certify that the report is 

true, correct, and complete. 

These regulations implement Section 

6403 of the Corporate Transparency Act 

(CTA), enacted into law as part of the 

National Defense Authorization Act for 

Fiscal Year 2021 (NDAA).2 That 

statutory provision, its implementing 

regulations, and their requirements are 

intended to help prevent and combat 

money laundering, terrorist financing, 

corruption, tax fraud, and other illicit 

activity, while minimizing the burden 

on reporting entities. 

II. Paperwork Reduction Act of 1995 3

Title: Beneficial Ownership 

Information (BOI) Reports. 

OMB Control Number: 1506–0076. 

Type of Review: New collection. 

Description: In accordance with the 

CTA, the final BOI reporting rule 

imposes a new reporting requirement on 

certain entities (‘‘reporting companies’’) 

to file with FinCEN reports, known as 

Beneficial Ownership Information 

Reports (BOIRs). These BOIRs collect 

certain information about: (1) the 

reporting company; (2) the reporting 

company’s beneficial owners; and (3) 

the individual(s) who filed the 

document with specified governmental 

authorities that created the entity or 

registered it to do business (known as 

company applicants).4 The BOIRs will 


lotter on DSK11XQN23PROD with NOTICES1
67444 Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices 

5FinCEN expects to establish a Contact Center 

prior to January 1, 2024, to field questions about the 

BOI reporting requirements from reporting 

companies and other stakeholders. 

be filed by completing a form (the BOIR 

Form) and submitting it through an 

online portal or submitting the 

information through an Application 

Programming Interface (API). These 

reports must be updated or corrected as 

specified in the final BOI reporting rule 

if reported information changes or is 

incorrect. The collected information 

will be maintained by FinCEN and 

made accessible to authorized users of 

the Beneficial Ownership Information 

Technology System. 

Consistent with the requirements of 

the PRA, FinCEN carefully considered 

the comments received in response to 

the 60-day notice that proposed the 

BOIR Form for public comment. 

Notably, commenters were uniformly 

critical of the checkboxes that would 

allow a reporting company to indicate if 

certain information about a beneficial 

owner or company applicant is 

‘‘unknown,’’ or if the reporting company 

is unable to identify information about 

a beneficial owner or company 

applicant. Commenters referred to these 

checkboxes as the ‘‘unknown 

checkboxes.’’ A significant number of 

these comments expressed concern that 

the checkboxes would incorrectly 

suggest to filers that it is optional to 

report required information, and that 

reporting companies need not conduct a 

diligent inquiry to comply with their 

reporting obligations. These 

commenters requested that FinCEN 

remove all such checkboxes. 

In response to the comments, FinCEN 

is pursuing a revised approach to the 

BOIR Form that will not contain 

unknown checkboxes. This approach 

will consist of a first implementation 

will be used starting January 1, 2024, 

and a potential alternative 

implementation, which may be adopted 

a later date following feedback from 

filers, law enforcement agencies, and 

other key stakeholders. In the first 

implementation, it will require every 

field to be completed (i.e., have 

responses entered in text boxes), and the 

BOIR Form can only be submitted once 

each required field has been filled out. 

Any field left blank, whether 

intentionally or accidentally, will 

prevent the filer from submitting their 

BOIR Form. It is our hope that filers will 

find the filing process to be seamless, 

users of the database will determine that 

the information collected is accurate, 

and all stakeholders, including law 

enforcement, will find this 

implementation to be sufficiently 

straightforward, transparent, and 

efficient. Throughout the months after 

this approach is implemented, FinCEN 

will seek continual feedback from filers 

and database users. 

FinCEN is cognizant that reporting 

companies could face difficulties in 

obtaining information promptly. To 

better understand this potential 

concern, FinCEN consulted with 

behavioral scientists at the General 

Services Administration, technology 

experts at the Department of the 

Treasury, and various others throughout 

the U.S. Government (USG) who have 

expertise around these issues. The 

consultations highlighted potential, 

though not inevitable, pitfalls in not 

providing an explanatory mechanism in 

the BOIR Form when a filer is unable to 

obtain certain required information. 

This might inadvertently discourage 

reporting companies from filing in a 

timely manner (or filing at all) because 

they do not have sufficient information. 

It may also incentivize reporting 

companies to file meaningless or 

untruthful information in certain fields 

to make a deadline. These difficulties 

also have the potential to significantly 

increase the volume of inquiries to 

FinCEN’s Contact Center 5 from 

reporting companies that seek 

clarification of the filing requirements 

when they are unable to obtain BOI. 

Bearing these potential concerns in 

mind, in addition to feedback from filers 

and database users in the months 

following implementation on January 1, 

2024, FinCEN may consider an 

alternative implementation. The 

alternative implementation would have 

the same response fields that require the 

same information to be reported, and 

reporting companies would be required 

to provide accurate responses in every 

field to submit a filing. However, this 

implementation would provide a 

mechanism for filers to temporarily 

indicate if they are unable to provide 

certain information for certain reasons. 

Specifically, there would be a dropdown option in the Beneficial Owner(s) 

section that would allow filers to 

specify one of a few reasons why they 

are temporarily unable to provide a 

piece of information about a beneficial 

owner. FinCEN is considering several 

drop-down options, including (but not 

limited to): ‘‘Cannot Contact BO’’; ‘‘BO 

Unresponsive’’; ‘‘BO Refused to 

Provide’’; and ‘‘Third Party Refused to 

Provide.’’ Drop-down options will not 

be included in the other sections of the 

form (i.e., Reporting Company Section 

and Company Applicant(s) Section). 

Forms whose filers select a drop-down 

option will be accepted into the filing 

system but will still be considered 

incomplete and non-compliant filings. 

Forms will only be considered complete 

and compliant once the missing 

information is subsequently added, the 

drop-down option is removed from each 

field, and the form is updated. FinCEN 

will be seeking feedback from database 

users, including filers and law 

enforcement on these options. 

The advantage of the drop-down 

options would be to allow reporting 

companies to immediately submit all 

information available to them and 

indicate the specific reason why certain 

information is not available at the time 

of temporary filing. The drop-down 

options would not excuse reporting 

companies of their obligation to submit 

complete and truthful written responses 

for each field by the applicable filing 

deadline; all fields must be filled out 

before a reporting company has satisfied 

its reporting obligations. 

The benefit of this implementation 

would be to: (1) provide a mechanism 

for the collection of some beneficial 

ownership information that would be of 

immediate use to law enforcement 

agencies and other authorized users of 

BOI; (2) provide insight into any 

common difficulties that might arise so 

that FinCEN can potentially provide 

guidance, frequently asked questions 

(FAQs), or follow-up with reporting 

companies or beneficial owners; and (3) 

provide notice for FinCEN that an 

incomplete report has been submitted 

and facilitate appropriate related followup. Further, in both implementations, 

FinCEN intends to make clear on the 

BOIR Form that reporting companies 

must provide all required information to 

satisfy their reporting obligations. 

FinCEN’s potential adoption of the 

drop-down implementation will be 

informed by feedback from 

stakeholders, including filers and law 

enforcement agencies. The filer 

experience, the usefulness of 

information for law enforcement, and 

the overall quality of the data reported 

to FinCEN will be some of the key 

metrics taken into consideration. 

Ultimately, any decision to adopt the 

alternative implementation with dropdown options, should it be pursued at 

all, would only be made after careful 

analysis of the initial implementation. 

Equally as important, should FinCEN 

adopt the alternative implementation, 

FinCEN will issue guidance well in 

advance of any change and there will 

only ever be one of the implementations 

‘‘live’’ that filers can see and use. 

FinCEN believes that this revised 

approach will best address the feedback 

from commenters and maintain 

appropriate flexibility to adapt the BOIR 

Form to meet the needs of filers, 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices 67445 

6See 31 CFR 1010.380(c)(2). 

7See 31 CFR 1010.380(b)(2)(iii). The special 

reporting rule for foreign pooled investment vehicle 

specifies that, ‘‘[i]f more than one individual 

exercises substantial control over the entity, the 

entity shall report information with respect to the 

individual who has the greatest authority over the 

strategic management of the entity.’’ 

8Refer to the final BOI reporting rule RIA for a 

detailed description of these estimates. See 87 FR 

59589 (Sept. 30, 2022). 

9Refer to the final BOI reporting rule RIA cost 

analysis for the underlying sources and analysis 

related to this estimate. See 87 FR 59562–59579 

(Sept. 30, 2022). 

10Refer to the final BOI reporting rule RIA cost 

analysis for the underlying sources and analysis 

related to this estimate. As noted therein, for 

analysis purposes FinCEN assumes that the number 

of new entities per year from years 2 through 10 

(2025 to 2033) will be the same as the 2024 new 

entity estimate, which accounts for a growth factor 

of 13.1 percent per year from the date of the 

underlying source (2020) through 2024. Annually 

thereafter, FinCEN assumes no change in the 

number of new entities. FinCEN provides an 

alternative cost analysis in the conclusion section 

where the 13.1 percent growth factor continues 

throughout the entire 10-year time horizon of the 

analysis (i.e., through 2033). However, this growth 

factor is possibly an overestimate given that it is a 

based on a relatively narrow timeframe of data (two 

years). See 87 FR 59562–59579 (Sept. 30, 2022). 

11Refer to the final BOI reporting rule RIA cost 

analysis for the underlying sources and analysis 

related to these estimates. See 87 FR 59562–59579 

(Sept. 30, 2022). 

12For BOI reports, there is an initial filing and 

subsequent filings; the latter are required as 

information changes or if previously reported 

information was incorrect. 13 86 FR 69920 (Dec. 8, 2021). 

database users, and other important 

stakeholders based on what FinCEN 

learns after the system becomes 

operational. 

As previously stated, in both 

implementations of the form, FinCEN 

will make clear that reporting 

companies must provide all required 

information to satisfy their reporting 

obligations. The BOIR Form will 

include tool tips (i.e., text boxes that 

will be displayed over a BOIR field or 

section), which will convey 

instructions, requirements, instructions, 

and clarifying information to assist the 

filer. The BOIR Form will also include 

a certification whereby filers must 

certify that the information furnished is 

true, correct, and complete. There will 

be compliance reminders, both in the 

BOIR Form and outside of it, that will 

remind filers about their obligation to 

report complete and updated BOI to 

FinCEN. FinCEN will also address this 

requirement in guidance documents and 

other materials, such as press releases, 

briefings, and FAQs. 

Form: Beneficial ownership 

information report (BOIR). 

Affected Public: Domestic entities that 

are: (1) corporations; (2) limited liability 

companies; or (3) created by the filing 

of a document with a secretary of state 

or any similar office under the law of a 

state or Indian tribe. Foreign entities 

that are: (1) corporations, limited 

liability companies, or other entities; (2) 

formed under the law of a foreign 

country; and (3) registered to do 

business in any state or Tribal 

jurisdiction by the filing of a document 

with a secretary of state or any similar 

office under the laws of a state or Indian 

tribe. The rule does not require 

corporations, limited liability 

companies, or other entities that are 

described in any of 23 specific 

exemptions 6 to file BOIRs, except that 

certain foreign legal entities that qualify 

as pooled investment vehicles must 

report the BOI of an individual who 

exercises substantial control over the 

pooled investment vehicle.7

Estimated Number of Respondents: 

As explained in detail in the final BOI 

reporting rule regulatory impact 

analysis (RIA), the number of entities 

that are reporting companies is difficult 

to estimate.8 FinCEN assumes that all 

entities created or registered prior to the 

effective date of January 1, 2024, that are 

subject to the BOI reporting requirement 

will submit their initial BOIRs in Year 

1 (2024), as required by the rule. 

Therefore, FinCEN estimates that 

32,556,929 entities will submit initial 

BOIRs in Year 1 (2024).9 In Year 2 

(2025) and beyond, FinCEN estimates 

that the number of initial BOIRs filed 

will be 4,998,468 per year, which is the 

same estimate as the number of new 

entities per year that meet the definition 

of reporting company and are not 

exempt.10 The total five-year average of 

expected initial BOIRs is 10,510,160. In 

order to estimate the total burden hours 

and costs associated with the reporting 

requirement, FinCEN further assesses a 

distribution of the reporting companies’ 

beneficial ownership structure. FinCEN 

assumes that 59 percent of reporting 

companies will have a simple structure 

(i.e., 1 beneficial owner who is also the 

company applicant), 36.1 percent will 

have an intermediate structure (i.e., 4 

beneficial owners and 1 company 

applicant), and 4.9 percent will have a 

complex structure (i.e., 8 beneficial 

owners and 2 company applicants). 

FinCEN estimates that 6,578,732 

updated BOIRs will be filed in Year 1 

(2024), and 14,456,452 BOIRs will be 

filed annually in Year 2 (2025) and 

beyond.11 The total five-year average of 

expected updated BOIRs is 12,880,908. 

Frequency of Response: As required.12

Estimated Time per Respondent: 

FinCEN is relying on the analysis of the 

estimated time burden per respondent 

in the final BOI reporting rule, which 

accounts for comments received to the 

notice of proposed rulemaking (NPRM) 

that preceded the final BOI reporting 

rule.13 Considering the comments and 

the final BOI reporting rule, it is 

apparent that the time burden for filing 

initial BOI reports will vary depending 

on the complexity of the reporting 

company’s structure. FinCEN therefore 

estimates a range of time burdens 

associated with filing an initial BOIR to 

account for the likely variance among 

reporting companies. FinCEN estimates 

the average burden of reporting BOI as 

90 minutes per response for reporting 

companies with simple beneficial 

ownership structures (40 minutes to 

read the form and understand the 

requirement, 30 minutes to identify and 

collect information about beneficial 

owners and company applicants, and 20 

minutes to fill out and file the report, 

including attaching an image of an 

acceptable identification document for 

each beneficial owner and company 

applicant). FinCEN estimates the 

average burden of reporting BOI as 650 

minutes per response for reporting 

companies with complex beneficial 

ownership structures (300 minutes to 

read the form and understand the 

requirement, 240 minutes to identify 

and collect information about beneficial 

owners and company applicants, and 

110 minutes to fill out and file the 

report, including attaching an image of 

an acceptable identification document 

for each beneficial owner and company 

applicant). FinCEN estimates the 

average burden of updating such reports 

for reporting companies with simple 

beneficial ownership structures as 40 

minutes per update (20 minutes to 

identify and collect information about 

beneficial owners or company 

applicants and 20 minutes to fill out 

and file the update). FinCEN estimates 

the average burden of updating such 

reports for reporting companies with 

complex beneficial ownership 

structures as 170 minutes per update (60 

minutes to identify and collect 

information about beneficial owners or 

company applicants and 110 minutes to 

fill out and file the update). FinCEN also 

assesses that reporting companies with 

intermediate beneficial ownership 

structures will have a time burden that 

is the average of the time burden for 

reporting companies with simple 

structures and those with complex 

structures. 

Estimated Total Reporting Burden 

Hours: FinCEN estimates that during 

Year 1 (2024), the filing of initial BOIRs 

will result in approximately 

118,572,335 burden hours for reporting 


lotter on DSK11XQN23PROD with NOTICES1
67446 Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices 

14 ((0.59 × 32,556,929) × (90/60)) + ((0.361 × 

32,556,929) × (370/60)) + ((0.049 × 32,556,929) × 

(650/60)) = 118,572,335. 

15 ((0.59 × 4,998,468) × (90/60)) + ((0.361 × 

4,998,468) × (370/60)) + ((0.049 × 4,998,468) × (650/ 

60)) = 18,204,421. 

16 ((0.59 × 6,578,732) × (40/60)) + ((0.361 × 6, 

578,732) × (105/60)) + ((0.049 × 6, 578,732) × (170/ 

60)) = 7,657,096. 

17 ((0.59 × 14,456,452) × (40/60)) + ((0.361 × 

14,456,452) × (105/60)) + ((0.049 × 14,456,452) × 

(170/60)) = 16,826,105. 

18 (90/60) × $56.76 = $85.14 and ((650/60) × 

$56.76) + $2,000 = $2,614.87. 

19 (40/60) × $56.76 = $37.84 and ((170/60) × 

$56.76) + $400 = $560.81. 

20 (32,556,929 × $85.14) = $2,771,769,963.58 and 

(32,556,929 × $2,614.87) = $85,132,196,638.53. 

21 ((0.59 × 32,556,929) × $85.14) + ((0.361 × 

32,556,929) × $1,350.00) + ((0.049 × 32,556,929) × 

$2,614.87) = $21,673,487,885.48. 

22 (4,998,468 × $85.14) = $425,550,075.79 and 

(4,998,468 × $2,614.87) = $13,070,353,315.07. 

23 ((0.59 × 4,998,468) × $85.14) + ((0.361 × 

4,998,468) × $1,350.00) + ((0.049 × 4,998,468) × 

$2,614.87) = $3,327,532,419.21. 

24FinCEN assumes that each reporting company 

will make one initial BOIR. Given the 

implementation period of one year to comply with 

the rule for entities that were formed or registered 

prior to the effective date of the final BOI reporting 

rule, FinCEN assumes that all the entities that meet 

the definition of reporting company will submit 

their initial BOIRs in Year 1 (2024), totaling 32.6 

million reports. Additionally, FinCEN has applied 

a 6.83 percent growth factor each year since the 

date of the underlying source (2020) to account for 

the creation of new entities. For analysis purposes, 

FinCEN assumes that the number of new entities 

per year from years 2 through 10 (2025 to 2033) will 

be the same as the 2024 new entity estimate, which 

accounts for a growth factor of 13.1 percent per year 

from the date of the underlying source (2020) 

through 2024. Annually thereafter, FinCEN assumes 

no change in the number of new entities. FinCEN 

provides an alternative cost analysis in the 

conclusion section where the 13.1 percent growth 

factor continues throughout the entire 10-year time 

horizon of the analysis (i.e., through 2033). 

However, this growth factor is possibly an 

overestimate given that it is a based on a relatively 

narrow timeframe of data (two years). 

25 (6,578,732 × $37.84) = $248,927,811.14 and 

(6,578,732 × $560.81) = $3,689,435,948.74. 

26 ((0.59 × 6,578,732) × $37.84) + ((0.361 × 

6,578,732) × $299.33) + ((0.049 × 6,578,732) × 

$560.81) = $1,038,524,428.72. 

27 (14,456,452 × $37.84) = $547,007,086.12 and 

(14,456,452 × $560.81) = $8,107,360,919.04. 

28 ((0.59 × 14,456,452) × $37.84) + ((0.361 × 

14,456,452) × $299.33) + ((0.049 × 14,456,452) × 

$560.81) = $2,282,108,290.77. 

companies.14 In Year 2 (2025) and 

beyond, FinCEN estimates that the filing 

of initial BOIRs will result in 18,204,421 

burden hours annually for new 

reporting companies.15 The five-year 

average of burden hours for initial 

BOIRs is 38,278,004 hours. FinCEN 

estimates that filing updated BOIRs in 

Year 1 (2024) will result in 

approximately 7,657,096 burden hours 

for reporting companies.16 In Year 2 

(2025) and beyond, the estimated 

number of burden hours for updated 

reports will be 16,826,105.17 The fiveyear average of burden hours for 

updated BOIRs is 14,992,203 hours. The 

total five-year average of burden hours 

for BOIRs is 53,270,307. 

Estimated Total Reporting Cost: 

Considering the comments received in 

response to the NPRM, the final BOI 

reporting rule states that the costs for 

filing initial BOIRs will vary depending 

on the complexity of a reporting 

company’s structure. FinCEN therefore 

estimates a range of costs associated 

with filing an initial BOIR to account for 

the likely variance among reporting 

companies. FinCEN estimates the 

average cost of filing an initial BOIR per 

reporting company to be a range of 

$85.14 for entities with simple 

beneficial ownership structures to 

$2,614.87 for entities with complex 

beneficial ownership structures.18

FinCEN estimates the average cost of 

filing an updated BOIR per reporting 

company to be $37.84 to $560.81.19

For initial BOIRs, the range of total 

costs in Year 1 (2024), assuming for the 

lower bound that all reporting 

companies are simple structures and 

assuming for the upper bound that all 

reporting companies are complex 

structures, is $2.8 billion to $85.1 

billion.20 Applying the distribution of 

reporting companies’ structures 

explained in connection with Table 1 of 

the RIA, FinCEN calculates total costs in 

Year 1 (2024) of initial BOIRs to be 

$21.7 billion.21 In Year 2 (2025) and 

onward, in which FinCEN assumes that 

initial BOIRs will be filed by newly 

created entities, the range of total costs 

is $425.6 million to $13.1 billion 

annually.22 Applying the reporting 

companies’ structure distribution, the 

estimated total cost of initial BOIRs 

annually in Year 2 (2025) and onward 

is $3.3 billion.23 24

For updated BOIRs, the range of total 

costs in Year 1 (2024), assuming for the 

lower bound that all reporting 

companies are simple structures and 

assuming for the upper bound that all 

reporting companies are complex 

structures, is $249 million to $3.7 

billion.25 Applying the distribution of 

reporting companies’ structures, 

FinCEN calculates total costs in Year 1 

(2024) of updated BOIRs to be $1 

billion.26 In Year 2 (2025) and onward, 

the range of total costs is $547 million 

to $8.1 billion annually.27 Applying the 

reporting companies’ structure 

distribution, the estimated total cost of 

updated BOIRs annually in Year 2 

(2025) and onward is $2.3 billion.28 The 

total five-year average of costs is 

$6,996,732,512 for initial BOIRs and 

$2,033,391,518 for updated BOIRs. 

Please note, there are no non-labor 

costs associated with these collections 

of information, because FinCEN 

assumes that reporting companies 

already have the necessary equipment 

and tools to comply with the regulatory 

requirements. 

Request for Comments 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a valid OMB control 

number. All comments will become a 

matter of public record. Comments are 

invited on: (a) whether the collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information shall have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden of the collection of 

information; (c) ways to enhance the 

quality, utility, and clarity of the 

information to be collected; (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of technology; and (e) 

estimates of capital or start-up costs and 

costs of operation, maintenance, and 

purchase of services required to provide 

information. 

Authority: 44 U.S.C. 3501 et seq. 

Spencer W. Clark, 

Treasury PRA Clearance Officer. 

Appendix—Beneficial Ownership 

Information (BOI) Report Summary of 

Data Fields 

Note: Lines that must be filled in for a 

report to be accepted are identified with the 

* symbol next to the line number. Italicized 

text provides a description and/or 

explanation of lines and response options for 

purposes of this PRA notice. 

Filing Information 

1. * Type of filing (check only one box for 

lines 1a–1d) 

a. Initial report (check if reporting for the 

first time: if this box is checked, proceed 

to line 2) 

b. Correct prior report (check to amend 

information that was inaccurate and/or 

incomplete when reported in a prior 

report; if this box is checked, then you 

must fill out lines 1e–1h (Reporting 

Company information associated with 

most recent report)) 

c. Update prior report (check to report a 

change in beneficial ownership 

information; if this box is checked, then 

you must fill out lines 1e–1h (Reporting 

Company information associated with 

most recent report)) 

d. Newly exempt entity (check if company 

previously filed a report and now 

qualifies for an exemption to the 

definition of Reporting Company; if this 

box is checked, then you must fill out 

lines 1e–1h (Reporting Company 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices 67447 

1U.S. Territories are considered part of the 

United States for purposes of determining the 

reporting obligations of domestic and foreign 

Reporting Companies. However, per ISO standard 

3166–1, U.S. Territories are listed as jurisdictions 

separate from the United States for database 

management purposes. 

information associated with most recent 

report) and no other lines in the report) 

Reporting Company information associated 

with most recent report, if any: (when 

the type of filing is ‘‘Correct prior report’’ 

(line 1b), ‘‘Update prior report’’ (line 1c), 

or ‘‘Newly exempt entity’’ (line 1d), lines 

1e–1h must be completed in order to link 

the new filing to the previous filing) 

e. Legal name 

f. Tax identification type (select one from 

list of options) 

D EIN (Employer Identification Number) 

D SSN/ITIN (Social Security Number/ 

Individual Taxpayer Identification 

Number) 

D Foreign 

g. Tax identification number 

h. Country/Jurisdiction (if foreign tax ID 

only) (select from list of countries/ 

jurisdictions) 

2. Date prepared (auto-filled when form is 

finalized) (line 2 populates automatically 

with the date when the filer selects 

‘‘Finalize’’ on the form) 

Part I. Reporting Company Information 

3. Request to receive FinCEN Identifier 

(FinCEN ID) (check the box to receive a 

FinCEN ID) 

4. Foreign pooled investment vehicle (check 

the box if Reporting Company is a 

foreign pooled investment vehicle) 

Full legal name and alternate name(s): 

5. * Reporting Company legal name 

6. Alternate name (e.g., trade name, DBA) 

(multiple alternate names may be 

reported) 

Form of identification: 

7. * Tax identification type (select one from 

list of options) 

D EIN (Employer Identification Number) 

D SSN/ITIN (Social Security Number/ 

Individual Taxpayer Identification 

Number) 

D Foreign 

8. * Tax identification number 

9. Country/Jurisdiction (if foreign tax ID 

only) (select from list of countries/ 

jurisdictions) 

Jurisdiction of formation or first registration: 

10. * a. Country/Jurisdiction of formation 

(select from list of countries/ 

jurisdictions, including the United 

States, each U.S. Territory,1 and all 

foreign countries. If United States is 

selected, complete lines 10b, 10c, or 10d 

as applicable; if a U.S. Territory is 

selected, line 10b populates 

automatically with the selected U.S. 

Territory; if a foreign country is selected, 

complete lines 10e, 10f, or 10g as 

applicable.) 

Domestic Reporting Company: 

b. State of formation (select from list of 

U.S. States; if a U.S. Territory was 

selected in line 10a, line 10b populates 

automatically with the selected U.S. 

Territory) 

c. Tribal jurisdiction of formation (select 

from list of Tribes and ‘‘Other Tribe’’) 

d. Name of the other Tribe (enter name of 

the other Tribe not included in list for 

line 10c, only available if ‘‘Other Tribe’’ 

selected in line 10c) 

Foreign Reporting Company: 

e. State of first registration (select from list 

of U.S. States and U.S. Territories) 

f. Tribal jurisdiction of first registration 

(select from list of Tribes and ‘‘Other 

Tribe’’) 

g. Name of the other Tribe (enter name of 

the other Tribe not included in list for 

line 10f, only available if ‘‘Other Tribe’’ 

selected in line 10f) 

Current U.S. address (street address): 

11. * Address (number, street, and apt. or 

suite no.) 

12. * City 

13. * U.S. or U.S. Territory (select U.S.; or 

U.S. Territory from list of U.S. 

Territories) 

14. * State (select from list of U.S. States; if 

a U.S. Territory was selected in line 13, 

line 14 populates automatically with the 

selected U.S. Territory) 

15. * ZIP Code 

16. Existing Reporting Company (check if 

Reporting Company was created or 

registered before January 1, 2024) (if this 

box is checked, then Company Applicant 

information is not required, proceed to 

Part III) 

Part II. Company Applicant Information 

(report up to two Company Applicants, lines 

17–32 are repeated for each Company 

Applicant; if Existing Reporting Company 

was checked in line 16, Company Applicant 

information is not required, proceed to Part 

III.) 

Company Applicant FinCEN ID: 

17. FinCEN ID (if FinCEN Identifier is not 

provided, information about the 

Company Applicant must be provided in 

the lines below) 

Full legal name and date of birth: 

18. * Individual’s last name 

19. * First name 

20. Middle name (required if the Company 

Applicant has a middle name) 

21. Suffix (required if the Company 

Applicant’s name has a suffix) 

22. * Date of birth 

Current address (street address): 

23. * Address type (check the appropriate 

box for lines 23a or 23b) 

a. Business address 

b. Residential address 

24. * Address (number, street, and apt. or 

suite no.) 

25. * City 

26. * Country/Jurisdiction (select from list of 

countries/jurisdictions) 

27. * State (select from list when United 

States, Canada, or Mexico was selected 

in line 26; if a U.S. Territory was selected 

in line 26, line 27 populates 

automatically with the selected U.S. 

Territory; if a foreign country was 

selected in line 26, line 27 remains 

empty) 

28. * ZIP/Foreign postal code 

Form of identification and issuing 

jurisdiction: 

29. * Identifying document type (select one 

from list of lines 29a–29d) 

a. State-issued driver’s license 

b. State/local/Tribe-issued ID 

c. U.S. passport 

d. Foreign passport (may only be provided 

if individual does not possess document 

type listed in line 29a, 29b, or 29c.) 

30. * Identifying document number 

31. * Identifying document issuing 

jurisdiction (select country/jurisdiction 

in line 31a and complete lines 31b-31d 

if applicable) 

a. Country/Jurisdiction (select from list of 

countries/jurisdictions) 

b. State (select from list when the United 

States was selected in line 31a and the 

identifying document is issued by a 

State; if a U.S. Territory was selected in 

line 31a, line 31b populates 

automatically with the selected U.S. 

Territory; if a foreign country was 

selected in line 31a, line 31b remains 

empty) 

c. Local/Tribal (select from list when the 

United States was selected in line 31a 

and the identifying document is issued 

by a local jurisdiction or Tribe; if local 

jurisdiction or Tribe is not included in 

list, select ‘‘Other’’ and go to line 31d; if 

a U.S. territory or foreign country was 

selected in line 31a, line 31c remains 

empty) 

d. Other local/Tribal name (only available 

if ‘‘Other’’ selected in line 31c; enter 

name of local jurisdiction or Tribe that 

was not included in the list for line 31c) 

32. * Identifying document image (attach 

image of identifying document referred 

to in lines 30–32) (instructions on upload 

process will be provided here) 

Part III. Beneficial Owner Information 

(multiple Beneficial Owners may be reported, 

lines 33–49 are repeated for each Beneficial 

Owner) 

33. Parent/Guardian information instead of 

minor child (check if the Beneficial 

Owner is a minor child and the parent/ 

guardian information is provided 

instead) 

Beneficial Owner FinCEN ID: 

34. FinCEN ID (if FinCEN Identifier is not 

provided, information about the 

Beneficial Owner must be provided in 

the lines below) 

Exempt entity: 

35. Exempt entity (check the box when an 

exempt entity is being reported in lieu of 

a Beneficial Owner’s information; if 

checked, provide the legal name of the 

exempt entity in line 36, and lines 37– 

39 are grayed out) 

Full legal name and date of birth: 

36. * Individual’s last name (or entity’s legal 

name if line 35 box is checked) 

37. * First name 

38. Middle name (required if the Beneficial 

Owner has a middle name) 

39. Suffix (required if the Beneficial Owner’s 

name has a suffix) 

40. * Date of birth 

Residential address (street address): 

41. * Address (number, street, and apt. or 

suite no.) 

42. * City 


lotter on DSK11XQN23PROD with NOTICES1
67448 Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices 

2FinCEN is considering several drop-down 

options, including (but not limited to): ‘‘Cannot 

Contact BO’’; ‘‘BO Unresponsive’’; ‘‘BO Refused to 

Provide’’; and ‘‘Third Party Refused to Provide.’’ 

43. * Country/Jurisdiction (select from list of 

countries/jurisdictions) 

44. * State (select from list when United 

States, Canada, or Mexico was selected 

in line 43; if a U.S. Territory was selected 

in line 43, line 44 populates 

automatically with the selected U.S. 

Territory; if a foreign country was 

selected in line 43, line 44 remains 

empty) 

45. * ZIP/Foreign postal code 

Form of identification and issuing 

jurisdiction: 

46. * Identifying document type (select one 

from list of lines 46a–46d) 

a. State-issued driver’s license 

b. State/local/Tribe-issued ID 

c. U.S. passport 

d. Foreign passport (may only be provided 

if individual does not possess document 

type listed in line 46a, 46b, or 46c) 

47. * Identifying document number 

48. * Identifying document issuing 

jurisdiction (select country/jurisdiction 

in line 48a and complete lines 48b–48d 

if applicable) 

a. Country/Jurisdiction (select from list of 

countries/jurisdictions) 

b. State (select from list when the United 

States was selected in line 48a and the 

identifying document is issued by a 

State; if a U.S. Territory was selected in 

line 48a, line 48b populates 

automatically with the selected U.S. 

Territory; if a foreign country was 

selected in line 48a, line 48b remains 

empty) 

c. Local/Tribal (select from list when the 

United States was selected in line 48a 

and the identifying document is issued 

by a local jurisdiction or Tribe (if local 

jurisdiction or Tribe is not included in 

the list, select ‘‘Other’’ and go to line 

48d); if a U.S. Territory or foreign 

country was selected in line 48a, line 48c 

remains empty) 

d. Other local/Tribal name (only available 

if ‘‘Other’’ selected in line 48c; enter 

name of local jurisdiction or Tribe that 

was not included in list for line 48c) 

49. * Identifying document image (attach 

image of identifying document referred 

to in in lines 46–48) (instructions on 

upload process will be provided here) 

Summary of Data Fields for the Potential 

Second Implementation: Part III (Beneficial 

Owner Information) 

Part III. Beneficial Owner Information 

(multiple Beneficial Owners may be reported, 

lines 33–49 are repeated for each Beneficial 

Owner) 

33. Parent/Guardian information instead of 

minor child (check if the Beneficial 

Owner is a minor child and the parent/ 

guardian information is provided 

instead) 

Beneficial Owner FinCEN ID: 

34. FinCEN ID (if FinCEN Identifier is not 

provided, information about the 

Beneficial Owner must be provided in 

the lines below) 

Exempt entity: 

35. Exempt entity (check the box when an 

exempt entity is being reported in lieu of 

a Beneficial Owner’s information; if 

checked, provide the legal name of the 

exempt entity in line 36, and lines 37– 

39 are grayed out) 

Full legal name and date of birth: 

36. * Individual’s last name (or entity’s legal 

name if line 35 box is checked) 

z. (if you are not able to obtain this 

information about the Beneficial Owner, 

select the appropriate reason from the 

drop-down list of values 2) 

37. * First name 

z. (if you are not able to obtain this 

information about the Beneficial Owner, 

select the appropriate reason from the 

drop-down list of values) 

38. Middle name (required if the Beneficial 

Owner has a middle name) 

39. Suffix (required if the Beneficial Owner’s 

name has a suffix) 

40. * Date of birth 

z. (if you are not able to obtain this 

information about the Beneficial Owner, 

select the appropriate reason from the 

drop-down list of values) 

Residential address (street address): 

41. * Address (number, street, and apt. or 

suite no.) 

z. (if you are not able to obtain this 

information about the Beneficial Owner, 

select the appropriate reason from the 

drop-down list of values) 

42. * City 

z. (if you are not able to obtain this 

information about the Beneficial Owner, 

select the appropriate reason from the 

drop-down list of values) 

43. * Country/Jurisdiction (select from list of 

countries/jurisdictions) 

z. (if you are not able to obtain this 

information about the Beneficial Owner, 

select the appropriate reason from the 

drop-down list of values) 

44. * State (select from list when United 

States, Canada, or Mexico was selected 

in line 43; if a U.S. Territory was selected 

in line 43, line 44 populates 

automatically with the selected U.S. 

Territory; if a foreign country was 

selected in line 43, line 44 remains 

empty) 

z. (if you are not able to obtain this 

information about the Beneficial Owner, 

select the appropriate reason from the 

drop-down list of values) 

45. * ZIP/Foreign postal code 

z. (if you are not able to obtain this 

information about the Beneficial Owner, 

select the appropriate reason from the 

drop-down list of values) 

Form of identification and issuing 

jurisdiction: 

46. * Identifying document type (select one 

from list of lines 46a–46d) 

e. State-issued driver’s license 

f. State/local/Tribe-issued ID 

g. U.S. passport 

h. Foreign passport (may only be provided 

if individual does not possess document 

type listed in line 46a, 46b, or 46c) 

z. (if you are not able to obtain this 

information about the Beneficial Owner, 

select the appropriate reason from the 

drop-down list of values) 

47. * Identifying document number 

z. (if you are not able to obtain this 

information about the Beneficial Owner, 

select the appropriate reason from the 

drop-down list of values) 

48. * Identifying document issuing 

jurisdiction (select country/jurisdiction 

in line 48a and complete lines 48b-48d 

if applicable) 

b. Country/Jurisdiction (select from list of 

countries/jurisdictions) 

z. (if you are not able to obtain this 

information about the Beneficial Owner, 

select the appropriate reason from the 

drop-down list of values) 

c. State (select from list when the United 

States was selected in line 48a and the 

identifying document is issued by a 

State; if a U.S. Territory was selected in 

line 48a, line 48b populates 

automatically with the selected U.S. 

Territory; if a foreign country was 

selected in line 48a, line 48b remains 

empty) 

z. (if you are not able to obtain this 

information about the Beneficial Owner, 

select the appropriate reason from the 

drop-down list of values) 

c. Local/Tribal (select from list when the 

United States was selected in line 48a 

and the identifying document is issued 

by a local jurisdiction or Tribe (if local 

jurisdiction or Tribe is not included in 

the list, select ‘‘Other’’ and go to line 

48d); if a U.S. Territory or foreign 

country was selected in line 48a, line 48c 

remains empty) 

z. (if you are not able to obtain this 

information about the Beneficial Owner, 

select the appropriate reason from the 

drop-down list of values) 

d. Other local/Tribal name (only available 

if ‘‘Other’’ selected in line 48c; enter 

name of local jurisdiction or Tribe that 

was not included in list for line 48c) 

49. * Identifying document image (attach 

image of identifying document referred 

to in in lines 46–48) (instructions on 

upload process will be provided here) (if 

you are not able to obtain this 

information about the Beneficial Owner, 

select the appropriate reason from the 

drop-down list of values) 

[FR Doc. 2023–21293 Filed 9–28–23; 8:45 am] 

BILLING CODE 4810–02–P 

DEPARTMENT OF THE TREASURY 

Agency Information Collection 

Activities; Submission for OMB 

Review; Comment Request; Bureau of 

Fiscal Service Information Collection 

Requests 

AGENCY: Departmental Offices, U.S. 

Department of the Treasury. 

ACTION: Notice of information collection; 

request for comment. 

SUMMARY: The Department of the 

Treasury will submit the following 

information collection requests to the 


lotter on DSK11XQN23PROD with NOTICES1