Organizations have to make proper reporting of BOI with FinCEN and banks mandatory. This critical step improves credibility and keeps finances from getting into the wrong hands involved in fraudulent activities. The FinCEN BOI report prompts the company to report details of beneficial owners of the firm or company, that is, people who own or control at least 25% of its shares or who exercise significant influence in the management of the business. It should also offer reports, and information should be reported as soon as there is a change of ownership. Failure to adhere to these regulations not only protects the integrity of the company but also assists in preventing fraud, and this in turn helps in creating a transparent financial structure, thus creating trust with the banks and the regulatory bodies.