Starting January, the U.S. Department of Treasury’s Financial Crimes Enforcement Network launched a portal for businesses to file beneficial ownership information reports (BOI). This initiative aims to combat illegal activities and financial crimes associated with business entities, particularly those using shell companies for money laundering, tax evasion, and concealing ownership. The BOI reports are crucial for identifying business owners who may defraud customers and employees. Additionally, the U.S. Treasury is focusing on curbing sex trafficking by targeting shell companies that hide traffickers’ identities. Guidance on filing BOI reports and identifying exclusions for clients is also provided.