As of January 1, 2025, Beneficial Ownership Information (BIO) has a new mandatory reporting requirement. Neglecting to do so, business owners could fall subject to legal issues or be fined. 

Financial Crimes Enforcement Network (FinCen) are now requiring to report the individuals who own or control a business. This change comes from the U.S. Treasury, to combat money laundering, tax evasion and corruption.  FinCen website claims filing is simple, secure and free of charge and is not an annual requirement. 

By listing the names of Beneficial Owners this creates accountability on a government level by identifying a legal entity’s true owners. This includes corporations, trusts, or partnerships. 

In anticipation of this change, Union State Bank wants to assist in forewarning business owners of this change for January 1, 2025, and this new requirement.  

To learn more, go to https://www.fincen.gov/bio