Core Bank BSA Compliance | August 2026
You may have heard the news: On August 11, 2026, FinCEN made it official — most U.S. businesses no longer have to report Beneficial Ownership Information (BOI) to the government under the Corporate Transparency Act. FinCEN is also removing previously submitted BOI for U.S. persons from its database. Foreign companies still have limited reporting requirements.
For many business owners, that means one less reporting requirement to manage.
What hasn’t changed? As your bank, we still need to understand who owns and controls your business. This is a separate requirement for banks and isn’t tied to the BOI reports businesses previously submitted to FinCEN.
So, while you may no longer need to file BOI with FinCEN, we may still ask for ownership information when you open or maintain a business account with Core Bank.
Have questions? The Core Bank team is here to help. Reach out to your branch or Relationship Manager anytime.
