New Information on Beneficial Ownership Reporting for Small Businesses

The Corporate Transparency Act is to protect the US financial system from fraud and abuse by criminal/corrupt activity; prevent companies to provide a cover for money laundering, corruption, tax evasion, drug trafficking, fraud and other crimes.

As part of the act, starting in 2024, many businesses created in or registered to do business in the US will be required to report information about their beneficial owners--the individuals who ultimately own or control a company--to FinCEN.

FinCEN has published a compliance guide to assist businesses, especially small businesses, with determining if they are required to report this information and, if so, how to do so.

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.

We are happy to serve as your business banking partner. 

For questions on this topic, we recommend reaching out to FinCEN. You can do this by completing the form at this link, submitting your inquiry via email, or reaching out to their regulatory helpline at 1-800-767-2825 toll free or 703-905-3591.