Important Update: New FinCEN Requirement for Beneficial Ownership Information

June 24, 2024

As of January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) has implemented a crucial new regulation requiring business owners to report Beneficial Ownership Information (BOI). This update is part of an ongoing effort to enhance transparency and combat financial crimes, and it is imperative that all businesses understand and comply with these requirements.

Key Details of the New BOI Reporting Requirement:

Entities Established Before January 1, 2024:
These entities are required to file their BOI by January 1, 2025. This gives existing businesses a one-year period to gather and submit the necessary information.
Entities Formed Between January 1, 2024, and January 1, 2025:
These entities must file their BOI within 90 days of their registration. This ensures that all new businesses comply promptly with the new regulation.
Consequences of Non-Compliance:
Failure to submit the required BOI can lead to severe penalties. Businesses may face fines of up to $500 per day for non-compliance. Additionally, criminal penalties may include imprisonment for up to two years and/or fines of up to $10,000. Senior officers of the companies should be particularly vigilant, as they can be held personally accountable for non-compliance.

Understanding Beneficial Ownership Information (BOI):

Beneficial Ownership Information refers to the details of individuals who own or control a business. This includes individuals with significant responsibility in managing the entity and those who own a substantial portion of the entity’s equity. The purpose of this requirement is to create a more transparent business environment and to prevent illicit activities such as money laundering and fraud.

How One Rose Consulting, LLC Can Help:

At One Rose Consulting, LLC, we understand that New FinCEN Requirement for Beneficial Ownership Information can be challenging and time-consuming. Our team of experts is here to help you stay compliant and avoid the hefty penalties associated with non-compliance.

We are pleased to offer our services to file your Beneficial Ownership Information on your behalf. Here’s how we can assist you:

Expert Guidance: Our team will provide you with clear and detailed instructions on what information is needed and how to compile it.
Efficient Filing: We will handle the entire filing process for you, ensuring that your BOI is submitted accurately and on time.
Ongoing Support: We offer continuous compliance monitoring to help you stay updated with any future changes in regulations.

Why Choose One Rose Consulting, LLC?

With over 30 years of industry experience, One Rose Consulting, LLC is your trusted partner in mortgage licensing and compliance. Our comprehensive services are designed to meet the unique needs of your business, providing you with tailored solutions and dedicated support every step of the way.

Take Action Now:

To ensure your business meets the New FinCEN BOI requirements and avoids costly penalties, contact One Rose Consulting, LLC today. Our team is ready to assist you with expert filing services and comprehensive compliance support.

Staying compliant with the New FinCEN Beneficial Ownership Information requirements is essential for all businesses. By partnering with One Rose Consulting, LLC, you can run your business with confidence and focus on what truly matters. Don’t wait until the last minute; ensure your compliance today and protect your business from potential fines and penalties.

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Thinking of Expanding Your Mortgage Business?

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Expanding your mortgage business into multiple states is an exciting opportunity, but it also comes with complex licensing requirements that can be overwhelming. To ensure a smooth transition, here’s how you can navigate multi-state licensing like a pro—with the expertise of One Rose Consulting, LLC by your side. 5 Key Steps to Multi-State Licensing Success: Understand Each State’s Requirements – Licensing rules vary by state, from pre-licensing education to financial requirements. Our experts at One Rose Consulting, LLC will guide you through each state’s unique regulations to ensure compliance. Streamline Your NMLS Applications – Managing multiple applications can be time-consuming. Let our team handle the paperwork, so you can focus on expanding your business with confidence. Stay Ahead of Compliance Deadlines – Each state has different renewal dates, reporting requirements, and compliance deadlines. We keep track of everything, so you never miss a critical update. Ensure Proper Surety Bond Coverage – Some states require surety bonds at different coverage levels. We help you determine the correct bond amounts and assist with the filing process. Ongoing Compliance Support – Expanding doesn’t stop at licensing; maintaining compliance is key. Our team provides ongoing support to help you stay in good standing in every state you operate in. Expanding your mortgage business doesn’t have to be overwhelming! Let One Rose Consulting, LLC handle the complexities of multi-state licensing while you focus on growth. Trust the experts to make your expansion seamless, stress-free, and 100% compliant. Contact us today!

Quick Compliance Checklist for Mortgage Brokers

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Staying compliant is one of the most critical aspects of running a successful mortgage brokerage. With ever-changing regulations, licensing requirements, and reporting deadlines, it’s easy to feel overwhelmed. To help you stay on track, we’ve put together this Quick Compliance Checklist for Mortgage Brokers—a simple guide to ensure your business remains compliant and avoids costly penalties. 1. Maintain Active Licensing • Ensure your NMLS license is active and renewed on time. • Verify state-specific licensing requirements and deadlines. 2. Complete Required Continuing Education • Fulfill annual CE requirements, including any state-specific courses. • Keep certificates and proof of completion readily available. 3. Track and Submit Mortgage Call Reports (MCRs) • Submit accurate and timely MCR filings through NMLS. • Double-check data for consistency and completeness. 4. Conduct Regular Compliance Audits • Review internal processes to ensure adherence to federal and state regulations. • Address gaps in recordkeeping, loan documentation, and reporting. 5. Update Anti-Money Laundering (AML) Compliance • Ensure AML training is completed annually by all employees. • Review and update your AML policies and procedures regularly. 6. Monitor Advertising Compliance • Verify all marketing materials meet all compliance requirements • Include required disclosures in all advertisements. 7. Maintain Proper Recordkeeping • Store loan files, client communications, and compliance documents securely. • Retain records for the duration required by federal and state laws. 8. Review State-Specific Bond Requirements • Confirm that your surety bonds are up to date and meet state requirements. 9. Stay Informed on Regulatory Changes • Monitor updates from NMLS, CFPB, and state regulatory bodies. • Adjust your practices as new regulations come into effect. 10. Engage with Licensing and Compliance Experts • Consult professionals to address complex compliance questions. • Outsource tasks like reporting or audits to streamline operations. Regular compliance ensures smoother operations, avoids penalties, and builds client trust. Stay proactive! Navigating mortgage compliance doesn’t have to be complicated or stressful. One Rose Consulting, LLC specializes in helping mortgage brokers like you stay ahead of regulatory changes, ensuring a smooth and hassle-free licensing process. Let our experts handle your licensing and complianc e with ease, so you can focus on growing your business with confidence. Contact us today and make licensing and compliance easy!