March 27, 2023
The Financial Crimes Enforcement Network published its first set of guidance materials to help small businesses understand upcoming beneficial ownership information reporting requirements taking effect on Jan. 1, 2024.
Details: The new regulations require many U.S. entities to report to FinCEN information about their beneficial owners—the persons who ultimately own or control companies. The new resources include answers to frequently asked questions, one-pagers on key filing dates, and an introductory video.
ICBA View: ICBA recently called on FinCEN to modify its proposed form for collecting BOI from reporting companies. It also continues calling on the agency to withdraw bank beneficial ownership collection and verification requirements now that it is required to collect this information directly from reporting companies.