How to update your Corporate Transparency Act Report: A Quick Guide

Compliance with the Corporate Transparency Act (CTA) doesn’t end with the initial report. If there are changes in your entity’s beneficial ownership information, you must update your CTA report with the Financial Crimes Enforcement Network (FinCEN).

This guide provides an overview of how to amend your CTA report to reflect any changes.

When to Update Your Report

You are required to update your CTA report within 30 days of any of the following changes:

• A new individual becomes a beneficial owner.
• An existing beneficial owner’s information changes (e.g., address, name change).
• An individual ceases to be a beneficial owner (e.g., due to a sale of ownership interest).

Step 1: Identify the Changes

Start by identifying the specific changes that need to be reported. This could include adding a new beneficial owner, updating the details of an existing beneficial owner, or removing someone who is no longer a beneficial owner.

Step 2: Gather the Necessary Information

For any new beneficial owners, gather the required information:

1. Full legal name
2. Date of birth
3. Current residential or business address
4. A unique identifying number from an acceptable identification document (e.g., passport, driver’s license)

For updates to existing information, ensure you have the correct and up-to-date details.

Step 3: Access the FinCEN Reporting Portal

Log in to the FinCEN reporting portal where you originally filed your CTA report. Navigate to the section that allows you to amend your previous submission.

Step 4: Make the Necessary Changes

Enter the new information or update the existing details as needed. If you are removing a beneficial owner, make sure to indicate that they no longer meet the criteria for reporting.

Step 5: Review and Submit the Amendment

Before submitting the amendment, carefully review the updated information for accuracy. Once confirmed, submit the amended report through the FinCEN portal.

Step 6: Save the Updated Confirmation Receipt

After submitting the amendment, FinCEN will provide an updated confirmation receipt. Save this receipt for your records, along with a copy of the amended report.

Step 7: Regularly Review Beneficial Ownership Information

To ensure ongoing compliance, regularly review your entity’s beneficial ownership information and promptly update your CTA report if any changes occur. For a smoother experience, consider ComplyCTA BOIR Filing to manage your reporting obligations effortlessly.

Conclusion

Updating your Corporate Transparency Act report is a critical part of maintaining compliance. By following these steps, you can ensure that your report remains accurate and up-to-date, avoiding potential penalties.