The US Financial Crimes Enforcement Network (FinCEN) released a notice to customers of financial institutions about reporting beneficial ownership information on 26 July, 2024.
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:
- Reporting beneficial ownership information to FinCEN under the Corporate Transparency Act, and;
- Providing beneficial ownership information to financial institutions concerning Federal customer due diligence requirements.
FinCEN encourages financial institutions to share this reference guide with customers who may be required to report beneficial ownership information.
