July 26, 2024
Review the Notice HERE.
Today, the Financial Crimes Enforcement Network (FinCEN) issued a notice to customers of financial institutions about reporting beneficial ownership information. The Corporate Transparency Act requires certain entities, including many small businesses, to report to FinCEN information about the individuals who ultimately own or control them. A separate regulatory requirement currently requires many financial institutions to also collect beneficial ownership information from certain customers that seek to open accounts as part of Federal customer due diligence requirements.
Today’s notice provides answers to key questions about: (1) reporting beneficial ownership information to FinCEN under the Corporate Transparency Act (https://www.fincen.gov/boi); and (2) providing beneficial ownership information to financial institutions in connection with Federal customer due diligence requirements. FinCEN encourages financial institutions to share this reference guide with customers that may be required to report beneficial ownership information.
835 W Northland Avenue
Appleton, WI 54914-3901
Phone: | 920.939.6700 |
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Fax: | 920.939.6701 |
Hours: | Monday-Friday 9 a.m. to 5 p.m. |
8010 Excelsior Drive
Madison, WI 53717-1951
Phone: | 608.842.5050 |
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Fax: | 608.842.5051 |
Hours: | Monday–Friday 9 a.m. to 5 p.m. |
4021 Meridian Drive
Windsor, WI 53598-9698
Phone: | 608.842.5000 |
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Fax: | 608.842.5001 |
Hours: | Monday–Friday 9 a.m. to 5 p.m. |