Beneficial Ownership Information: A Guide by Security Bank of Texas

Have you filed your Beneficial Ownership Information (BOI) yet? With the new regulations introduced by the Financial Crimes Enforcement Network (FinCEN), all applicable businesses within the United States must comply with the Beneficial Ownership Information Reporting Requirements. This legislative change aims to enhance the transparency of financial transactions and combat illicit activities more effectively. At Security Bank of Texas, we’re here to guide you through every step, ensuring you’re meeting the requirements and well-informed about why it matters.

 

What is Beneficial Ownership Information?

Beneficial Ownership Information refers to data that identifies the natural persons who ultimately own, control, and benefit from companies. This information is crucial in enhancing transparency to combat corruption, money laundering, and terrorist financing.

 

Why is it Important?

It’s imperative to note that these changes aren’t merely suggestions—they’re mandated by the Financial Crimes Enforcement Network (FinCEN), and there is a deadline. Businesses need to comply by providing all necessary Beneficial Ownership Information by December 31, 2024. Missing this deadline could cost up to $10,000.

 

The importance of collecting Beneficial Ownership Information ensures:

  • Transparency: By knowing who ultimately owns and profits from companies, banks can monitor transactions more effectively and spot potential risks.
  • Compliance: Adhering to these requirements keeps the bank and its clients on the right side of legal regulations, avoiding severe penalties.
  • Security: Preventing illicit activities protects the financial system and improves economic stability and integrity.

 

Need More Information?

If you have any questions or need further assistance with meeting the Beneficial Ownership Information requirements, encourage you to:

  • Visit your local Security Bank of Texas branch, where our dedicated staff can offer personalized support.
  • Explore the Beneficial Ownership Information FAQ page, which provides additional clarity and addresses common inquiries.

 

Remember, the deadline is December 31, 2024, and we are here to ensure you’re prepared. At Security Bank of Texas, we are committed to ensuring this transition is as smooth as possible for your business.