Beneficial Ownership Reporting

Beneficial Ownership Reporting

September 27, 2023

BENEFICIAL OWNERSHIP REPORTING

Source: FinCEN

Small Business Owners: Beginning January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. This information will have to be reported to the Financial Crimes Enforcement Network (FinCEN).

It is important to note that there are potential penalties that can be incurred for those that do not complete this reporting process, including civil penalties of up to $500 for each day that the violation continues, or criminal penalties including imprisonment for up to two years and/or a fine of up to $10,000.

As your trusted financial partner, we want to help ensure you avoid any such penalties, and want to share some helpful resources to get you started as you learn about your new obligations.

 

 

  • FAQs: FinCEN prepared a list of Frequently Asked Questions related to the Beneficial Ownership Information Reporting Rule. View the FAQs at: https://www.fincen.gov/boi-faqs

 

  • BENEFICIAL OWNERSHIP INFORMATION REPORTING WEB PAGE: this page has links to Small Business Resources, Reference Materials, and latest Beneficial Ownership Information News. View the Web Page at: https://www.fincen.gov/boi