May 2025 in Brief: Corporations, LLCs & Partnerships

How to Have “The Talk” About FinCEN Identifier Numbers

By William E. H. Quick, Polsinelli PC

An update on the Corporate Transparency Act saga, and the identification numbers that businesses and individuals registered with FinCEN.

We were all there. It was the early 2020s—for some the “Roaring Twenties,” for others the “COVID Years.” Everyone had been pent-up in their home office and was looking to get out, make new friends, and be accepted by the F “IN” CEN crowd. Some said, “How’s that FinCEN Identifier Number going to look on you when you’re seventy?” and others gleefully retorted, “How are you going to feel when you are the only one in the retirement home without a ‘Number’?” But now it’s months later, and many are wondering how to have the “number” removed—and is it even possible?

As you will remember, “The CTA requires that FinCEN provide a unique identifier (FinCEN ID) upon request to: (1) an individual who provides FinCEN with the same information as is required from a beneficial owner or company applicant, and (2) any reporting company that has provided its BOI [beneficial owner information] to FinCEN. In certain instances, beneficial owners, company applicants, and reporting companies may provide a FinCEN ID to a reporting company in lieu of providing required BOI.” 87 Fed. Reg. 59498, 59524 (Sep. 30, 2022). But, importantly, any person possessing a FinCEN ID is also obligated to update their associated personal identifying information (“PII”) on file with FinCEN. CTA § 6403(a), 31 U.S.C. § 5336(b)(3)(A)(ii) (referencing § 5336(b)(2) and § 5336(b)(1)(D)).

Any individual that has obtained a FinCEN ID is required to update the current accuracy of any PII previously submitted to FinCEN in the FinCEN ID application. 31 C.F.R. § 1010.380(b)(4)(ii)(A)(1); 31 U.S.C. § 5336(b)(3)(A)(ii). Such an individual is required to file an updated application reflecting such change within thirty calendar days after the date on which such change occurs. Id. “FinCEN has clarified that individuals with a FinCEN ID shall make updates or corrections to their information by submitting an updated application for a FinCEN ID to FinCEN, subject to the same timelines and terms as updates or corrections to a BOI report by a reporting company.” 87 Fed. Reg. 59498, 59,525 (Sep. 30, 2022).

But you may ask yourself: Treasury is no longer enforcing the CTA with respect to U.S. persons, so may I, a U.S. person, deactivate my FinCEN Identifier number? The answer is no. Once joined, there was and is no parting of ways. FinCEN feigned concern regarding this issue back in 2023, explaining in BOI FAQ M.6. that it “is actively assessing options to allow individuals to deactivate a FinCEN identifier so that they do not need to update the underlying personal information on an ongoing basis. FinCEN will provide additional guidance on this functionality upon completion of that process.” No guidance has been forthcoming.

Bear in mind that there is currently no method to deactivate a FinCEN ID once issued; it will continue for the life of the individual or entity—as does the corresponding obligation to keep current the underlying PII on file with FinCEN. So stay alert as the CTA and its enforcement continue to evolve.