Businesses Required to Register with FinCEN: What You Need to Know

Business Banking

The Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Treasury Department, requires companies to submit Beneficial Ownership Information (BOI) to them starting on January 1, 2024. This was authorized by the Corporate Transparency Act 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. Customers will self-report this information to FinCEN directly. The bank will not be involved.

Who has to report?

Your company may have to report its beneficial owners if it is:

1. A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
2. A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.

Some entity types are exempt from beneficial ownership reporting requirements including publicly traded companies, nonprofits, and certain large operating companies. Go to fincen.gov/boi to see the full list.

Important Dates

FinCEN began accepting reports on January 1, 2024.

• If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025 to report BOI.
• If your company is created or registered in 2024, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
• If your company is created or registered on or after January 1, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
• Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.

How do I report?

Reporting companies can go to fincen.gov/boi to report beneficial ownership information electronically. The system provides a confirmation of receipt once a completed report is filed with FinCEN.

The information provided above is from fincen.gov/boi. The bank cannot register businesses with FinCEN. This must be done by the business.