News and Events

As set out in the Corporate Transparency Act of 2021, businesses must register their Beneficial Ownership Information with FinCEN, using their secure filing system, beginning on January 1, 2024. This requirement represents years of bipartisan efforts by Congress, the Treasury, national security agencies, law enforcement, and other stakeholders, to bolster the United States Anti-Money Laundering framework.

Beneficial Ownership Information includes identifying any person(s) who, directly or indirectly, owns 25% or more of the business. It also includes identifying any person(s) with substantial control over the business and up to two company applicants.

• Businesses created on or after January 1, 2024, but before January 1, 2025, must register this information to FinCEN within 90 calendar days of creation.

• Any business created prior to January 1, 2024, must register with FinCEN by January 1, 2025.

• Businesses created after January 1, 2025, must report this information to FinCEN within 30 calendar days of creation.

   

This rule applies to entities created by Secretary of State filing, or any similar state law or Indian tribe. Failure to register your business ownership with FinCEN may result in government fines.

To determine if your company is required to report Beneficial Ownership Information and/or who is a beneficial owner of your company, please reference this Small Entity Compliance Guide.

Additional information about the requirement, news updates, how to file, and guidance materials are located here. Your Keystone Bank business account officer is also happy to assist you with any general questions on FinCEN’s requirements and deadlines.