On July 26, 2024, the Financial Crimes Enforcement Network (FinCEN) issued an essential notice to financial institution customers about reporting beneficial ownership information.
The Corporate Transparency Act mandates that certain entities, including small businesses, report their ultimate owners or controllers to FinCEN. Financial institutions must also gather this information from customers opening accounts to meet Federal due diligence requirements. This notice clarifies key questions about these reporting obligations and urges financial institutions to share the reference guide with relevant customers.
Notice to Customers – Beneficial Ownership Information Reference Guide: Link