ROCHESTER, N.Y. – Another form for business owners to fill out is trying to identify people up to no good, and the filing deadline is looming. News10NBC is finding a lot of business owners don’t know about it.

It’s a four-page report that’s supposed to help police catch businesses that are fronts for drug and human trafficking and corrupt foreign governments: https://boiefiling.fincen.gov/fileboir

So that’s why News10NBC Chief Investigative Reporter Berkeley Brean asked: Why would anyone running a business as a cover bother to fill it out?

“Our job is to combat illicit finance, money laundering and, um, terrorist financing,” said Andrea Gacki, Director of the Financial Crimes Enforcement Network at the U.S. Treasury.

Gacki is charged with collecting the Beneficial Ownership Information Report that just about every business needs to submit by Jan. 1. The report shows who owns, controls and profits from the business.

“What we have seen is a consistent through-line of illicit finance in the United States and worldwide … the presence of anonymous shell companies that conceal the real people behind them,” Gacki said.

Berkeley Brean, News10NBC: “If you’re an individual that has a business that is a front for bad behavior, why would you fill one of these things out?”

Andrea Gacki, FinCEN: “It basically forces them to make a choice. Either they file and follow the law and give genuine information to FinCEN (Financial Crimes Enforcement Network) that can be used by law enforcement, they don’t file and we see that there’s a problem, or they file incorrect information.”

Berkeley Brean: “So maybe the lack of a filing or lack of information would be a red flag.”

Andrea Gacki: “Yeah, absolutely.”

Ellie Rusling is the CEO and co-founder of MicroEra Power, a start-up company in Henrietta. It is developing technology that can store energy to lower the cost to heat and cool big buildings. As an LLC, it’s required to fill out the report.

Berkeley Brean: “So you’re not some front for nefarious activity or anything like that.”

Ellie Rusling, CEO, Co-founder, MicroEra Power: “No absolutely not. We’re working far too hard for this to be nefarious.”

Rusling has worked around the world.

“I’ve spent a lot of time in developing nations. And that’s one of the pieces I really appreciate in the United States, that we don’t have the same invisible barriers for setting up a business that exist in other countries where they have a very strong, what they refer to politely as grey economy,” she said. “In the United States if we have to take extra measures, extra steps to provide accountability, transparency, and clarity — I think that’s really important.”

The Rochester Chamber of Commerce reports owners who miss the Jan. 1 deadline face two years in prison and a $10,000 fine. FinCEN says that’s only if an owner willfully and deliberately doesn’t file. If it’s a mistake or oversight, they’ll work with the owner.

Five million reports are filed already. They expect 32 million. If you’re an owner it’s a good idea to call your CPA to see if you need to file this report. Click here for a 5 minute video that walks you through how to do it.

*A.I. assisted with the formatting of this story. Click here to see how WHEC News 10 uses A.I.*