What is the Beneficial Ownership Rule?
In an effort to support their anti-corruption and AML/CFT modernization efforts, FinCEN had implemented the Corporate Transparency Act. This requires certain companies doing business in the United States to report their beneficial ownership information to FinCEN. The requirement went into effect on January 1, 2024.
Legal Entity Includes:
- Corporation
- Limited Liability Company
- Partnership
- Other entity created by filing a public document with a Secretary of State or similar office
- General Partnership
- Any similar entity formed under the laws of a foreign jurisdiction that opens an account
Legal Entity Does Not Include:
- Sole Proprietorships or unincorporated associations
- Refer to the section on exclusions and exempt below for more details on whether your company is impacted by this requirement
What are my next steps?
If you have questions or concerns, please reach out to our locally-based Client Care Team at (800) 344-2265.