The AICPA's member insurance program underwriter provided reassuring news to at least 25,000 U.S. accounting firms last week when it said its coverage generally includes client work associated with beneficial ownership information (BOI) reporting.
CNA said in a statement last week that its professional liability policies generally will cover professional services associated with the Corporate Transparency Act, subject to policy terms, conditions and exclusions.
The BOI reporting requirement is an anti-money laundering initiative that applies to most companies. More information about BOI reporting is available at AICPA & CIMA’s BOI reporting resource center.