FinCEN Notice: Financial Institution Customers’ Reference Guide on Beneficial Ownership Information Requirements under Corporate Transparency Act

Reference guide answering key questions about two separate requirements for financial institutions under the Corporate Transparency Act: (1) reporting beneficial ownership information to FinCEN under the CTA; and (2) providing beneficial ownership information in connection with federal customer due diligence requirements, FinCEN released. Effective Jan. 1, 2024, the CTA requires certain entities, including many small businesses, to report information about the individuals who ultimately own or control them (i.e., “beneficial owners”) to FinCEN. 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 ...