Beneficial Owner Information Registry
This information is being supplied as a courtesy by Fidelity Bank on behalf of the U.S. Financial Crimes Enforcement Network (FinCEN) to current and prospective business customers. More information can be obtained here, via the video below and the brochures at right.
Starting January 1, 2024, many companies will be required to report information to the U.S government about who ultimately owns and controls them. This information must be reported to Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.
Companies required to report are called reporting companies. Reporting companies may have to obtain information from their beneficial owners and report that information to FinCEN.
Reporting companies include:
1. A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
2. A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.
Twenty-three types of entities are exempt from the beneficial ownership information reporting requirements. Please review the Small Entity Compliance Guide for examples of organizations who do not have to report.
Read our blog post here.
Watch this brief introductory video to learn more about the Beneficial Owner Information Registry: