The Corporate Transparency Act was passed by Congress in 2021 to create a beneficial ownership information reporting requirement as part of the U.S. Government’s efforts to combat money laundering. Beginning on January 1, 2024 many small businesses in the U.S. must report information about their beneficial owners, i.e., the people who ultimately own or control the company to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). Click here for a brochure from FinCEN on the new requirement and reporting system. If you have additional questions, please contact your loan officer at Templeton Savings Bank for more information