FinCEN can hold both individuals and corporate entities liable for willfully violating BOI reporting requirements. This can include a person who tries to file or actually files incorrect information with the agency. However, it can also include anyone who intentionally provides false information to the filer for reporting. Additionally, individuals and corporate entities can also be held liable for the willful failure to report complete or updated BOI. In these instances, FinCEN can hold individuals liable if they either cause the failure or serve as a senior officer at the reporting company when the failure happened. An individual who files a report on a reporting company’s behalf can also be held liable for willfully filing false information. The same goes for a beneficial owner or company applicant who refuses to provide the necessary information to a reporting company.