New Reporting Requirements to Financial Crimes Enforcement Network (FinCEN)
Enacted in 2021 with bipartisan support, the Corporate Transparency Act (CTA) was established to prevent individuals with malicious intent from hiding or benefiting from the ownership of their U.S. entities to facilitate illegal operations. According to Congress, this is a widely used tactic that affects national security and economic recovery. Effective January 2024, the CTA started requiring certain business entities to report to FinCEN information on who owns and controls that business, these individuals are known as the beneficial owner(s). Governmental agencies discovered that the true owners of certain entities participating in illicit financial crimes like money laundering, fraud, and drug trafficking, were masking their identities and hiding behind multiple layers of shell companies. This initiative is meant to unmask the true owners.
As a service to Ozark Bank business customers, we are providing this information to help you comply with the new reporting requirements. You may need to register the ownership of your business to comply with the new law.
This is not an Ozark Bank initiative, but a nationwide regulatory response to fight financial crime by making it easier to identify bad actors. For further information, please see the below resources, or visit https://www.fincen.gov/boi.