NEWS: On July 26, 2024, FinCEN released this Notice to Customers: Beneficial Ownership Information Reference Guide to answer questions about providing beneficial ownership information to financial institutions. FinCEN encourages financial institutions to share the guide with anyone who may be required to report beneficial ownership information.
The reference guide addresses:
- (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.
The reference guide also includes a chart to differentiate what information is required to be reported to FinCEN versus what information financial institutions collect.
Because the Corporate Transparency Act requires FinCEN to revise its customer due diligence requirements, it considers the reference guide, and the resources included, to be accurate as of July 2024.
For additional information about FinCEN’s beneficial ownership rules, please click here. Also, please review The League’s February 2024 Compliance Courier for a summary of BOI requirements and FinCEN’s implementation timeline.