Beneficial Ownership Registry Requirements

This Compliance Brief — now available on the IBA website — is unique in that it provides member banks with a tool to assist them in educating their business customers regarding the Corporate Transparency Act’s Beneficial Ownership Registry requirements. In this video, Julie Gliha, VP of compliance, explains which businesses are subject to the reporting requirements, timelines for reporting, what information must be reported and consequences for not reporting. The IBA encourages member banks post this free video to their website, run the video in their lobbies or email the video link directly to business customers explaining the requirements of the Beneficial Ownership Registry.

Although the Corporate Transparency Act does not require banks to inform their business customers of this requirement, many member banks have expressed a desire to do so. Click here to access the video.