Question of the Week

Question: Is our credit union required to notify our business account members of the new Beneficial Ownership Information (BOI) reporting requirements?  

Answer: You are not required to notify your business account members of this new rule, but you can voluntarily make them aware. You could consider using various materials the Financial Crimes Enforcement Network (FinCEN) has provided, such as the one-page handouts: Key Filing Dates, and Key Questions.     

FinCEN is engaged in an outreach and education campaign to raise awareness and help reporting companies understand the new reporting requirements. The campaign involves virtual and in-person outreach events and comprehensive guidance in a variety of formats and languages, including multimedia content, the Small Entity Compliance Guide, as well as new channels of communication, including social media platforms. FinCEN is also engaging with governmental offices at the federal and state levels, small business and trade associations, and interest groups.

FinCEN will continue to provide guidance, information, and updates regarding the reporting requirements on its BOI webpage.