Beneficial Ownership

As a requirement from the Financial Crimes Enforcement Network (FinCEN), The Beneficial Ownership Rule requires all financial institutions to obtain, verify, and record information about the beneficial owners of all legal business entities that establish new deposit or loan accounts, or in circumstances deemed necessary by the financial institution. 

Recently, in addition to information a legal business entity must provide to the financial institution, there has been an important change about how beneficial ownership information is reported by companies, collected and shared. This change involves the creation of central registers or databases where this information can be stored and will ultimately be accessed by relevant authorities, such as law enforcement agencies and financial regulators.  

Currently, businesses are required to register with FinCEN AND continue to provide beneficial ownership information to their Financial Institution.

For more information about beneficial ownership and the recent changes in reporting, please click here for FinCEN’s full list of frequently asked questions.

For information regarding registering beneficial owners, please click here for FinCEN's Beneficial Ownership Reporting Outreach and Education Toolkit.