Simplifying FinCEN Error Codes for BOI Reporting: Quick Solutions

Navigating FinCEN error codes can be challenging, especially with the January 1, 2025, deadline for filing your BOI report.

Even experienced professionals encounter these common FinCEN errors, which can lead to compliance issues and penalties. This ComplyCTA guide will help you understand the common FinCEN error codes and how to resolve them, ensuring a smoother reporting process.

Most Common FinCEN Error Codes

SBE01: Technical Glitch

“BOIR could not be processed by FinCEN at this time. Please try again. If this problem persists, please contact the FinCEN Contact Center for assistance.”

What it means: 

This error usually occurs due to a temporary system glitch on FinCEN’s end.

Solution: 

Wait a bit before resubmitting the BOIR. Check for any system-wide announcements from FinCEN. If the error persists, contact FinCEN Support to avoid delays.

Expert Tip: 

If you encounter this error during peak hours, try submitting your report during off-peak times when the system is less congested. This can sometimes help avoid temporary glitches.

SBE02: Initial BOIR already filed

“Initial BOIR has already been filed for the reporting company. Please try again. If this problem persists, please contact the FinCEN Contact Center for assistance.”

What it means: 

This error pops up when trying to submit a duplicate initial BOI report.

Solution: 

Ensure that the initial report hasn’t already been submitted. If an update or correction is needed, file an amended report instead of a new initial report.

Expert Tip: 

Before resubmitting, double-check the submission date and time. If the error persists, it might be a system delay, and waiting a few hours before trying again can sometimes resolve the issue.

SBE03: FinCEN ID mismatch

“FinCEN ID entered for a Company Applicant or Beneficial Owner cannot be matched to an existing FinCEN ID. Please try again. If this problem persists, please contact the FinCEN Contact Center for assistance.”

What it means: 

This error occurs when the FinCEN ID provided doesn’t match any existing records.

Solution:

Double-check the FinCEN ID for accuracy and correct any mismatches. Before submitting, check the file size (less than 4 MB), file type (JPG, JPEG, PNG, or PDF), and file name (no spaces or special characters allowed), and make sure all missing fields are filled out correctly.

Expert Tip: 

If you’re unsure about the correct FinCEN ID, reach out to your company’s legal or compliance team. They might have records or additional documentation that can help verify the correct  FinCEN ID.

SBE04: Reporting Company information mismatch

“Reporting Company information entered in the type of filing items 1(e) to 1(h) cannot be matched to an existing Reporting Company. Please try again. If this problem persists, please get in touch with the FinCEN Contact Center for assistance.”

What it means:

This FinCEN error code shows up when the reporting company’s information doesn’t match existing records.

Solution: 

Verify the details, such as legal name, TIN, and country/jurisdiction, for accuracy.

Expert Tip: 

Re-check all the inputs you entered to verify all company information before submission. Ensure that all details, including legal name, TIN, and jurisdiction, match exactly with existing records.

SBE05: Prior BOIR filing mismatch

“Reporting Company information recorded in filing items 1(e) to 1(h) cannot be matched to a prior BOIR filing. Please try again. If this problem persists, please contact the FinCEN Contact Center for assistance.”

What it means:

This error pops up when the provided information (like your type of filing, TIN No., Legal name, tax identification type, etc.) in the current report doesn’t align with a previously filed BOI report.

Solution: 

To ensure consistency with previous filings, always use the most recent BOIR report you filed.

Expert Tip: 

If you’ve recently updated your company’s information, ensure that the changes have been properly recorded and communicated to all relevant departments. This can help prevent mismatches with prior filings.

SBE06: Mismatched ID 

“FinCEN ID entered for a Company Applicant or Beneficial Owner cannot be matched to an existing FinCEN ID. Please try again. If this problem persists, please contact the FinCEN Contact Center for assistance.”

What it means: 

Similar to SBE03, this FinCEN error code occurs when the data related to a company applicant or beneficial owner does not match the existing records.

Solution:

Check that the legal entity’s information (such as name, date of birth, address, and country/jurisdiction) is complete and correct. Check spelling and duplicate data. 

Expert Tip: 

Before you begin the filing process, check the FinCEN IDs of all legal entities against existing records. Use up-to-date and accurate data to reduce the possibility of typos or outdated information getting through.

Why Choose ComplyCTA for Error-free FinCEN Reporting?

ComplyCTA offers a streamlined solution to handle all your FinCEN BOI reporting requirements efficiently. It offers- 

• Unlimited Updates forever without additional costs.
• Proactive Alerts to stay ahead of deadlines and avoid penalties.
• Real-time monitoring for accuracy and error-free compliance.
• CTA Act Expertise to guide your filings.
• In the case of multiple beneficial owners, it ensures that all beneficial owners are correctly identified and verified.

Conclusion

Accurate and timely submission of BOI reports is key to maintaining your company’s credibility and operational efficiency.

With ComplyCTA’s robust features, you don’t have to worry about the FinCEN error codes.  ComplyCTA ensures that your reports are accurate and compliant, saving you from the frustration and penalties that come with errors.

Frequently Asked Questions

1. What are the consequences of not filing or incorrectly filing BOI reports? 

Failure to file, late filing, or misfiling BOI reports can result in severe penalties, up to $500 per day. Legal penalties may include imprisonment for up to two years and fines of up to $10,000.

2. What is the deadline for correcting mistakes or omissions? 

You may correct and resubmit your BOI returns within 90 days of the original deadline. However, if the delay in submission/update is purposeful, the penalties under the Corporate Transparency Act are severe.

3. What should I do if I submit an inaccurate BOI report?

You can submit the corrected report within 30 calendar days after becoming aware of the mistake. Always refer to FinCEN error codes to avoid errors when filing a new report.