The following is a press release issued by the Financial Crimes Enforcement Network (FinCEN) on July 26, 2024, regarding the new reporting requirements for many businesses in the United States. This is solely being provided as an informative resource, as West Bank will not collect or share this information and will not take part in registration advisement. Registration must take place directly with the federal government. You can view the original press release here. You can view more information on the Corporate Transparency Act here.

Today, 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. Today’s notice provides answers to key questions about: (1) reporting beneficial ownership information to FinCEN under the Corporate Transparency Act (https://www.fincen.gov/boi); and (2) providing beneficial ownership information to financial institutions in connection with Federal customer due diligence requirements. FinCEN encourages financial institutions to share this reference guide with customers that may be required to report beneficial ownership information.

Notice to Customers – Beneficial Ownership Information Reference Guide: https://www.fincen.gov/sites/default/files/shared/BOI-Notice-to-Customers-508FINAL.pdf