Beneficial owners and company applicants are the ones who will provide their information to the reporting company. However, that does not mean the reporting company holds no liability. FinCEN holds reporting companies responsible for ensuring that the information they submit is accurate and complete. Therefore, FinCEN recommends that existing reporting companies take the necessary steps to educate beneficial owners and company applicants. Reporting companies should explain the requirements involved in BOI reporting and obtain the required information. Additionally, reporting companies should put internal mechanisms in place to ensure that beneficial owners report any changes. Keep in mind that beneficial owners and company applicants can incur civil and criminal penalties if they willfully cause the failure of a reporting company to file a complete or updated report.