FORT MYERS, Fla. (July 26, 2024) –The Financial Crimes Enforcement Network (FinCEN) issued a notice to customers of financial institutions about reporting beneficial ownership information. The Corporate Transparency Act requires certain entities, including many small businesses, to report to FinCEN information about the individuals who ultimately own or control them. A separate regulatory requirement currently requires many financial institutions to also collect beneficial ownership information from certain customers that seek to open accounts as part of Federal customer due diligence requirements. The notice provides answers to key questions about:
(1) reporting beneficial ownership information to FinCEN under the Corporate Transparency Act (https://www.fincen.gov/boi)
2) providing beneficial ownership information to financial institutions in connection with Federal customer due diligence requirements.
The complete guide can be found at https://www.fincen.gov/sites/default/files/shared/BOI-Notice-to-Customers-508FINAL.pdf
