New federal reporting requirement for Beneficial Ownership Information (BOI) to be reported to Financial Crimes Enforcement Network (FinCEN)
Effective January 1, 2024, reporting companies created or registered from January 1, 2024 through December 31, 2024, must report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN) within 90 days of creation or registration to FinCEN. Reporting companies created January 1, 2025 or after will have 30 days from creation or registration to report BOI information to FinCEN.
Reporting companies created or registered prior to January 1, 2024, will have until January 1, 2025, to report Beneficial Ownership Information to FinCEN.
Below you will find a link to a Beneficial Ownership Brochure provided by FinCEN that provides detailed information on most things related to Beneficial Ownership. Please take a moment to review so that you know your responsibility as a business.
We are also providing a link to the FinCEN Compliance Guide for additional information.
You can always visit the FinCEN website for additional details.
*First Bank of Alabama is also currently required to obtain beneficial ownership documentation for most business accounts prior to opening an account.
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