As part of the Corporate Transparency Act, a FinCEN ID is a number issued by FinCEN that can be used to simplify filing, although a FinCEN ID is not required to file. Here is where you can request a FinCEN ID.

In simple terms, a FinCEN ID can be used on a Beneficial Ownership Information Report filing in lieu of providing personal information for a person, or company information for a Reporting Company.

You can request a FinCEN ID on FinCEN’s website, where you’ll complete a profile with your identifying information. After you do that, you’ll be able to provide your FinCEN ID instead of any other personal information for any Beneficial Ownership filings you are listed on.

Reporting Companies can request a FinCEN ID directly on a Beneficial Ownership Information Report filing.

If your personal information needs to be updated, with a FinCEN ID you can do so in one place on FinCEN’s portal, instead of updating your information on every filing you’re listed on.

Should I get a FinCEN ID?

Let’s reverse this question - if you don’t get a FinCEN ID, you’ll enter your demographic information on any Beneficial Ownership filings you’re listed on, including providing a scan of an ID document (e.g. a Drivers License or Passport).

So - if you’re using a third party or another person is helping you file and you don’t want to pass your personal information to them, it may make sense to get a FinCEN ID. In that case all you will do is pass along your FinCEN ID, which will meet your ID requirement.

Your requirements with a FinCEN ID

You will need to keep your information up to date directly with FinCEN if your information changes, within 30 days of it changing, just like you would on a Beneficial Ownership Information Report filing.

FinCEN IDs when filing multiple reports

In a situation where your information is required on multiple FinCEN reports, if you have used a FinCEN ID for those filings, you have no need to file update reports if your information changes as long as you’ve updated your information directly with FinCEN.

How to file without a FinCEN ID

You can still file Beneficial Ownership Report Information filings without a FinCEN ID. You’ll simply provide your personal information and scan of an ID document directly on the filing. When you need to update your information, you will need to file an update report for any companies where your information needs to be updated.