The Financial Crimes Enforcement Network (“FinCEN”) issued a notice to customers of financial institutions that are subject to the Corporate Transparency Act (“CTA”) and other federal laws, regarding their obligation to report beneficial ownership information (“BOI”). The CTA, which went into effect on January 1, 2024, requires entities, including many small businesses, to disclose information about the individuals who ultimately own or control them. The notice serves as a reference guide that provides customers with a general overview of BOI reporting obligations, including their separate requirements to 1) report BOI to FinCEN under the CTA, and 2) provide BOI to financial institutions in accordance with federal customer due diligence requirements. The notice also clarifies which companies are subject to the CTA and required to report BOI; the details to be provided in the reports; and reporting deadlines, including deadlines to file updates or corrections to previously filed reports.
FinCEN News Release | Notice to Customers: BOI Reference Guide