When registering with FinCEN, companies are required to provide the following information about each beneficial owner:
- full legal name
- date of birth
- current residential street address
- Passport information, including a picture of the passport and document number
Who is a Beneficial Owner?
Equity Owners
The Act defines a beneficial owner as an individual who owns or controls "not less than 25 percent of the ownership interests" of the entity.
Substantial Control
Companies are also required to identify any individuals who exercise substantial control over the entity, such as senior managers and officers. “Substantial control” will be determined by the facts and circumstances of each business.
Look Through Holding Companies
Where ownership is vested in legal entities or holding companies, even those formed outside the US, the Act looks through the holding company to the ultimate beneficial owners.
You can read the full text of the final rule here in the Federal Register.