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How to: Request a FinCEN ID Creation

This document provides a clear and comprehensive step by step of how to request a FINCen ID creation to Traact. We will guide you through the best practices to streamline the process.

Why do I need a FINCen ID?

  • The FinCEN ID ensures that the information about the beneficial owner is unique and verifiable. It reduces errors and confusion, especially if multiple entities or filings involve similar names.

  • Once a beneficial owner has a FinCEN ID, they can use it for future filings or updates, making the process more efficient without re-entering personal information.

  • Using a FinCEN ID protects sensitive personal information, such as Social Security Numbers (SSNs), by serving as a substitute.

     

Requesting a FINCen ID to Traact

Step 1: Provide Email Addresses for Account Creation

Contact your Account Manager and share the email addresses you would like to use for each beneficial owner account on the FinCEN Gov. website. These addresses can be sent to Traact via email or via a Traact Task. Each beneficial owner must have a unique email/login credential, which can be the email of their secretary if preferred.

Step 2: Activate Each Account

Confirm each account by clicking on the activation link sent to the respective email address (see image).

 

Step 3: Set a Strong Password

Create a secure password for each account.

 

Step 4: Enable "Backup Codes" for Security

For added security, select "Backup Codes" as a secondary authentication method.

 

Step 5: Document Credentials in Traact

Once the account is created, create a task in Traact, including the FinCEN login credentials and backup codes in the description.

If you prefer, feel free to mark the task as confidential (only the assignee and collaborators will have access to the task if marked as confidential).

Note: Traact must be tagged in the task before marking as confidential.

Step 6: Assign Task to Legal Operations

Assign the Traact task to the Legal Operations team at Traact or to your Account Manager.

Step 7: Receive and Share FinCEN ID

Once processed, Traact will share the generated FinCEN ID with the appropriate parties through the task created, as well as attach the evidence document to the task and upload it in the entity's documents tab.

This process ensures a known account is being used for the FinCEN ID and avoids any misunderstandings.

Need Help?
If you have any questions or need assistance with a request, please contact your Customer Success Manager or reach out to the Traact Support team.