Exchange Bank Partners with Wolters Kluwer to Provide BizFilings Beneficial Ownership Reporting Solution
Starting January 1, 2024, over 32 million businesses are required to file Beneficial Ownership Information (BOI) reports to meet the Corporate Transparency Act requirements. Exchange Bank has partnered with Wolters Kluwer to offer the BizFilings Beneficial Ownership Reporting Solution, helping businesses comply with the new regulation. This convenient tool simplifies the process of filing Beneficial Ownership Reports, ensuring compliance with federal regulations and avoiding penalties. Available to both Exchange Bank customers and any business in need of a reliable filing solution, this resource reflects our commitment to supporting businesses with trusted tools for regulatory compliance
What is the Beneficial Ownership Information report and the Corporate Transparency Act?
BOI reporting is a requirement under the Corporate Transparency Act, passed by Congress in 2021, aimed at combating money laundering, terrorism financing, tax fraud, and other illicit activities. The report will include personal identifying information about a company’s beneficial owners, which will be submitted to FinCEN, the Financial Crimes Enforcement Network of the U.S. Department of Treasury.
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Easy to Use
Reduce confusion using our guided five-step filing process.
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Efficient Filing
The fast and automated filing process saves hours on each filing.
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| Secure Process Safeguard your sensitive personal information using our robust security protocols. |
Reduced Risk Remove the threat of harsh civil and criminal penalties for non-compliance. |
Top 5 Things Small Businesses Need to Know About Corporate Transparency Act
The Corporate Transparency Act is the most significant federal business law since the 1930s Securities laws. It requires nearly all small businesses to file a Beneficial Ownership Report (BOI Report), disclosing individuals who control or own 25% or more of the entity. Noncompliance can result in steep fines and up to 2 years in jail.
Find Out if Your Business Needs to Report: Take Our Quiz Now
Unsure if your business needs to report or qualifies for an exemption? Take this quiz to find out.
Explore Additional Resources for Beneficial Ownership Reporting
In the Resources section, you’ll find helpful tools to guide you through the Beneficial Ownership Reporting process. Access a comprehensive checklist to ensure you have everything needed to complete your report and explore additional information on compliance requirements. These resources are designed to simplify navigating the new regulations, ensuring your business stays compliant with the Corporate Transparency Act.
At Exchange Bank, we are dedicated to providing businesses with the tools and resources needed to navigate new regulations with ease. Our partnership with Wolters Kluwer and the BizFilings Beneficial Ownership Reporting Solution ensures that businesses of all sizes can stay compliant with the Corporate Transparency Act. Whether you're a bank customer or not, our solutions are here to support your success and simplify the compliance process. Let us help you stay ahead of regulatory requirements and focus on what matters most—growing your business.
