FinCEN - Beneficial Ownership Information
The Citizens Bank is providing this information as a service to our business customers. Any questions will be directed to FinCEN.
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
Beginning on January 1, 2024, many companies in the United Sates will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the US Department of the Treasury.
Alert: FinCEN has been notified of recent fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. The fraudulent correspondence may be titled "Important Compliance Notice" and asks the recipient to click on a URL or to scan a QR code. Those e-mails or letters are fraudulent. FinCEN does not send unsolicited requests. Please do not respond to these fraudulent messages, or click on any links or scan any QR codes within them.
Here are links to the FinCEN website and information that may assist in the new reporting requirement:
Main FinCEN BOI Webpage: https://www.fincen.gov/boi
Need more information? You can chat with FinCEN from their homepage!
Resources:
Small Entity Compliance Guide: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
Videos:
Informational Video: https://www.youtube.com/watch?v=qQ5ABgZ6Xn4&feature=youtu.be