What to Know, Before You Go
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Beneficial Ownership is a requirement from the Financial Crimes Enforcement Network (FinCEN), under the Bank Secrecy Act, which mandates all covered financial institutions, including McHenry Savings Bank, collect and verify from certain non-exempt legal entities specific information about the beneficial owners of the entity at the time a new account is opened. The intent of the Beneficial Ownership Rule is to assist authorities in counteracting money laundering, tax evasion, and other financial crimes. FinCEN requires all financial institutions to begin collecting the required information for new accounts opened no later than May 11, 2018.
The Reporting Rule requires certain entities to file Beneficial Ownership Information (BOI) reports (referenced in the FinCEN Beneficial Ownership Reference Guides) to FinCEN. Reports contain information about the entity itself and two categories of individuals:
Starting on January 1, 2024, BOI reports must be filed electronically using FinCEN’s secure filing system. FinCen will store BOI reports in a centralized database and only share this information with authorized users for purposes specified by law. The database will use rigorous information security methods and controls typically used in the Federal government to protect non-classified yet sensitive information systems at the highest security level.
When do I need to file a report?
Where can I find additional information about BOI reporting?