Notice to Business Accounts

Published by Dustin Wood on

If you are currently registered with the Secretary of State, you will also have to register with the federal government January 1, 2024 through January 1, 2025. If your business is newly established on or after January 1, 2024, and is obligated to register with the Secretary of State, you must complete registration with the federal government at fincen.gov within the subsequent 90 days.

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. Great Falls Federal Credit Union wanted to inform you of this upcoming rule, 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 as always appreciate your business.