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.

Important Dates

• Existing businesses will need to register in FinCEN by January 1, 2025.
• New businesses
  • Registered on or after January 1, 2024 and before January 1, 2025 will have 90 calendar days to register with FinCEN and file their initial report.
  • Register after January 1, 2025 will have 30 calendar days to register.
• Business will not be able to register prior to January 1, 2024.

The bank cannot register businesses with FinCEN. This must be done by the business.