Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners (the individuals who ultimately own or control the company).

Reporting companies already in existence as of January 1, 2024, must submit their initial beneficial ownership reports to FinCEN by January 1, 2025 (within one year of the Effective Date). Reporting companies that are formed or registered to do business on or after January 1, 2024, must submit their initial beneficial ownership reports within 90 days of such formation or registration.

It’s important to note that noncompliance with the Act can lead to substantial statutory penalties. Oversight of the CTA is conducted by the Financial Crimes Enforcement Network (FinCEN), and these reports will be electronically submitted via the FinCEN database.

Additional Resources:

• Beneficial Ownership Information Reporting: Beneficial Ownership Information Reporting | FinCEN.gov
• Beneficial Ownership Information Reporting FAQ’s: Beneficial Ownership Information Reporting | FinCEN.gov
• Small Entity Compliance Guide: Small Entity Compliance Guide | FinCEN.gov

Disclaimer: This notice does not constitute legal advice. You should consult with your own attorney if you have questions regarding the applicability of the CTA’s reporting requirements and issues surrounding the collection of relevant ownership information. First Federal Savings Bank shall have no liability resulting from your failure to comply with CTA