HOAs must file BOI reports with the Financial Crimes Enforcement Network
Despite pending Congressional actions to limit the Corporate Transparency Act, HOAs and board members are currently required to comply with beneficial ownership information (BOI) reporting requirements. Accurate and timely reporting is crucial to avoid severe penalties, including fines of $500 per day for ongoing violations and criminal penalties such as imprisonment for up to two years and fines up to $10,000. CAI is advocating for efforts to relieve HOAs from the BOI mandate, arguing that HOAs were likely not the intended focus of federal financial crime prevention efforts. Additionally, individuals may face civil and criminal penalties for willfully failing to file required BOI reports or for submitting incomplete or false ownership information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FINCEN).