Entities seeking access to beneficial ownership information (BOI) will spend over 8.7 million hours filling out paperwork in the first year and over 3.6 million in the second year, the Financial Crimes Enforcement Network (FinCEN) said in an estimate on Monday, July 22.
FinCEN posted the estimate in the Federal Register as part of a 30-day notice seeking comment on the information to be collected from certain authorized recipients requesting access to BOI.
The notice allows the public to comment on the information to be collected from certain persons requesting BOI from FinCEN and on its estimate of the burden involved in the information collection. FinCEN will accept comments through Thursday, Aug. 22. Learn more.