The Beneficial Ownership Information (BOI) reporting requirement is an anti-money laundering initiative enacted through the Corporate Transparency Act in 2021, mandating that BOI be reported to the Financial Crimes Enforcement Network (FinCEN). The requirement would apply to most companies, with FinCEN estimating about 32.6 million filings in the first year of BOI implementation. It is scheduled to go into effect Jan. 1, 2024.