SE Kansas News

U.S. Senator Jerry Moran has urged the Director of the Financial Crimes Enforcement Network, Andrea Gacki, to permit rural business owners to submit their beneficial ownership information (BOI) via the United States Postal Service (USPS). This request is due to broadband connectivity issues that hinder many rural businesses from accessing the current BOI E-Filing system.

Senator Moran highlighted that "on January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) launched its beneficial ownership information (BOI) E-Filing website so that companies may report their information digitally to comply with the Corporate Transparency Act." He pointed out that while this online method works for many companies across Kansas and the U.S., it excludes numerous rural businesses without reliable broadband connections.

According to Federal Communications Commission data cited by Senator Moran, "more than one in five Americans in rural areas and nearly three in ten Tribal residents lack access to a dependable broadband connection." He argued that allowing these forms to be submitted through USPS would help level the playing field for small-town businesses amid an already burdensome regulatory environment.

Senator Moran expressed concern over potential penalties for failing to file due to internet access issues. He emphasized that FinCEN's current system could penalize those operating in areas lacking reliable internet.

He concluded by stating, "prudent regulation is necessary to ensure a level playing field for businesses of all sizes," urging federal agencies to enhance compliance capabilities among regulated entities. Senator Moran requested a response from Director Gacki by December 6th regarding this matter.