Notice to Business Account Owners

If you are currently registered at the Secretary of State, you will also have to register with the federal government January 1, 2024 thru January 1, 2025.  If you are a new business after January 1, 2024 and are required to register at Secretary of State you will have 30 days to then register with the federal government at fincen.gov.

This is a new rule and you will be expected to:

• Identify Your 25% Owners
• Identify those who have substantial control over your business
• Identify a company applicant
• Provide information on the company itself.

There are exemptions to this rule and you may want to read more at fincen.gov/boi.  Our financial institution wanted to let you know this rule is coming up so you won’t be caught off-guard when the regulation goes into effect.  The purpose of the rule is to promote transparency in the ownership of businesses for our law enforcement community. We appreciate your business.