FinCEN Issues Guidance to Help Bank Customers Understand New BOI Reporting Rules

Posted: Jul 31 2024

The Financial Crimes Enforcement Network has issued a notice to financial institution customers about the new beneficial ownership information reporting rule requirements, explaining why certain customers must report directly to the agency in addition to giving information to their banks, which are subject to the customer due diligence rule. The notice also explains differences between the reporting rule, which applies to approximately 33 million small businesses, and the CDD rule, which applies to banks and other FIs.

The two-page notice explains the legal requirements for reporting rule information collection as well as the compliance deadlines that businesses and other entities must meet. It also contains two charts breaking down what types of BOI entities must report to FinCEN versus the information that financial institutions are required to collect from their customers.

To view the notice, visit: https://www.fincen.gov/sites/default/files/shared/BOI-Notice-to-Customers-508FINAL.pdf