On July 26, 2024, FinCEN issued a notice to customers of financial institutions about reporting beneficial ownership information (BOI). The Notice provides answers to key questions about reporting BOI to FinCEN under the Corporate Transparency Act and providing BOI to financial institutions in connection with Federal customer due diligence requirements.

FinCEN is requesting financial institutions to share this reference guide with customers that may be required to report beneficial ownership information.

The Notice can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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