Carolinas Credit Union League’s Post

🔍 Important Update: Beneficial Ownership Information Requirements 🔍 Starting January 1, 2024, the Corporate Transparency Act (CTA) introduces new reporting obligations for many entities, including small businesses. Here’s what you need to know as per fincen.gov Reporting to #FinCEN: Entities must report information about their beneficial owners—individuals who ultimately own or control them—to the Financial Crimes Enforcement Network (FinCEN). This step is crucial for combating money laundering and illicit activities involving shell companies. Dual Reporting: You might need to provide beneficial ownership information both to FinCEN and financial institutions. However, they collect this information for different purposes and may require different details. For instance, financial institutions might collect Social Security numbers, which FinCEN does not require. *Key Deadlines:* Pre-January 1, 2024 Entities: Report by January 1, 2025. 2024 Entities: Report within 90 days of registration. Post-January 1, 2025 Entities: Report within 30 days of registration. Updates and Corrections: Any changes to previously submitted information must be reported to FinCEN within 30 days. For more details, visit FinCEN’s Beneficial Ownership Information page. Stay ahead of the curve and ensure your compliance with these new requirements! #Compliance #CorporateTransparencyAct #BeneficialOwnership #FinCEN #RegulatoryUpdate

On December 22, 2023, the Corporate Transparency Act's Beneficial Ownership Information access rule was released by FinCEN. It details the conditions in which authorized recipients can obtain beneficial ownership information. Here are some key takeaways from the final rule: https://lnkd.in/e3RkrYBb? #CTA #beneficialownership #compliance

On December 22, 2023, the Corporate Transparency Act's Beneficial Ownership Information access rule was released by FinCEN. It outlines the conditions for disclosing beneficial ownership information to authorized recipients. Here are some key points from the final rule: https://lnkd.in/gFP-Taxk? #CTA #beneficialownership #compliance

On December 22, 2023, the Corporate Transparency Act's Beneficial Ownership Information access rule was issued by FinCEN. This rule specifies when authorized recipients can access beneficial ownership information. Check out some key points from the final rule here: https://lnkd.in/gM8fBwKT #CTA #beneficialownership #compliance

The Financial Crimes Enforcement Network (FinCEN) has issued a notice regarding the reporting of beneficial ownership information by customers of financial institutions. Under the Corporate Transparency Act, certain entities, including many small businesses, are required to submit information about their ultimate owners or controllers to FinCEN. Additionally, many financial institutions must collect beneficial ownership details from certain customers who seek to open accounts, in compliance with Federal customer due diligence regulations. This notice answers key questions about: Reporting beneficial ownership information to FinCEN under the Corporate Transparency Act. More details can be found here: https://www.fincen.gov/boi Providing beneficial ownership information to financial institutions in line with Federal customer due diligence requirements. FinCEN encourages financial institutions to share this reference guide with customers who may need to report beneficial ownership information. #FinCEN #CorporateTransparencyAct #FinancialInstitutions #Compliance #BeneficialOwnership

Attention businesses! 📢 The latest guidance from FinCEN is here to help you navigate reporting beneficial ownership information (BOI) to both FinCEN and financial institutions. Stay informed and compliant! https://ow.ly/RKwX50SUGtG #beneficialownership #cta #corporatetransparencyact #compliance

Calling all companies! 📢 FinCEN has released new guidelines to assist you in reporting beneficial ownership information (BOI) accurately to both FinCEN and your financial institutions. Ensure you're up-to-date and adhering to regulations! <https://gag.gl/t3Mns9?> #beneficialownership #cta #corporatetransparencyact #compliance

Attention businesses! 📢 The latest guidance from FinCEN is here to help you navigate reporting beneficial ownership information (BOI) to both FinCEN and financial institutions. Stay informed and compliant! https://ow.ly/RKwX50SUGtG #beneficialownership #cta #corporatetransparencyact #compliance

Calling all companies! 📢 FinCEN's newest instructions are available to assist you in submitting beneficial ownership information (BOI) accurately to both FinCEN and your financial institutions. Ensure you're up-to-date and adhering to regulations! https://gag.gl/0bQ6Tu? #beneficialownership #cta #corporatetransparencyact #compliance

On December 22, 2023, the Corporate Transparency Act's Beneficial Ownership Information access rule was released by FinCEN. It details the conditions for sharing beneficial ownership information with authorized individuals. Check out some key points from this final rule: https://lnkd.in/ergvRSba? #CTA #beneficialownership #compliance