February 1, 2024 | Announcement

New Beneficial Ownership Reporting Requirement

Attention Business Owners

We are dedicated to being your partner in business and assisting you in anyway we can. We wanted to make our business customers aware of recent regulatory changes that may require additional action by you.

What Changed?

In 2021, Congress enacted the Corporate Transparency Act that requires certain types of U.S. and foreign entities to report information about their beneficial owners to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). FinCEN is responsible for safeguarding the U.S. financial system from illicit use and will allow access to certain authorized government authorities, financial institutions, and other authorized users.

Beginning January 1, 2024, FinCEN has announced that updates will be made as it relates to beneficial ownership reporting.

What does this mean for you?

  • Businesses created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report with FinCEN.

  • Businesses that are created in 2024, will have 90 days to file its initial beneficial ownership information report with FinCEN.

Where do I get more information and how do I file my initial beneficial ownership report with FinCEN?

Additional information can be found by visiting the following on FinCEN’s website:

FinCEN’s Beneficial Ownership Information Webpage
FinCEN’s Beneficial Ownership FAQs