In 2021, Congress enacted the bipartisan Corporate Transparency Act to curb illicit finance. This law requires
many companies doing business in the United States to report information about who ultimately owns or controls them.
Many businesses are required to submit information to FinCEN regarding the individuals who ultimately own or control them, with FinCEN commencing the acceptance of reports on January 1, 2024. If you have questions or need assistance with these reporting requirements, Citizens State Bank is ready to offer support.