The Financial Crimes Enforcement Network published a toolkit for small-business owners with beneficial ownership reporting requirements.
Details: The toolkit contains templates and sample content; a general background on the reporting requirements; templates for newsletters, websites, and emails; sample social media posts and images; and information on contacting FinCEN.
Background: Under the Corporate Transparency Act—a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts—many small businesses are now required to report basic information to the federal government about the real people who ultimately own or control them. FinCEN FAQs include information on reporting companies and exemptions.
ICBA View: ICBA has repeatedly called on FinCEN to withdraw beneficial ownership requirements for banks now that it is required to collect this information directly from reporting companies. ICBA this year said FinCEN’s estimated burden of complying with its final rule on accessing beneficial ownership information does not accurately reflect the demands of collecting this information.