What are the penalties for not reporting BOI to FinCEN?

The penalties for reporting companies who fail to comply with BOI report with FinCEN include the following:

• Civil penalties of up to $591 per day until the violation is corrected.
• Criminal penalties of 2 years in prison and a fine of up to $10,000.

The penalties may be imposed for various violations, which include:

•  Willful failure to submit a report
• Providing false information
• Unauthorized disclosure of information.