Please click this link to view the FinCEN Notice to Customers
UPDATE: On December 3rd, 2024, a federal judge in Texas issued a preliminary injunction blocking enforcement of this reporting requirement nationwide. The information below remains posted as an important reminder for our customers. For up-to-date information on this new requirement, including potential holds, delays, or final approvals, please visit the links below.
New Rules for Businesses
An important change to the process of forming new business entities in the US took effect on January 1, 2024. In order to comply with the Corporate Transparency Act (CTA) of 2020, most entities formed in the US during 2024 have 60 days to register with FinCEN, a US government agency. Business entities that were formed before 2024 have until 1/1/2025 to comply with this new registration requirement. Starting 1/1/2025 newly formed businesses will have 30 days to register. Penalties will be assessed by FinCEN for noncompliance
No Immediate Changes for Banking
There are no changes to regulatory requirements for financial institution onboarding or documentation; however, changes to banking regulations related to the CTA are expected to be announced in the spring of 2025.
Resources
- FinCEN Beneficial Ownership Information Page
- FinCEN Beneficial Ownership FAQs
- Small Entity Compliance Guide
Nothing in this communication should be considered legal advice. For questions regarding how your specific business must comply with these rules, please consult your legal counsel.
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