Business Accounts

About Beneficial Ownership

As of January 1, 2024, many companies doing business in the United States may voluntarily report information about their beneficial owners — the individuals who ultimately own or control the company – to the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). Additional information is available at fincen.gov/boi. Subscribe to FinCEN Updates for future guidance documents.

Important Dates to Remember

Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:

Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024, must file by January 1, 2025.
Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

NOTE: Beneficial ownership information reporting is NOT an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information.

What is Beneficial Ownership?

In compliance with this new regulation, Radiant Credit Union will collect beneficial ownership information from legal entity (business members) starting May 1, 2018. This means that any time an account is opened or changes are made for a legal entity (Business Account), we will request information that identifies the beneficial owner(s) and controlling person of the legal entity (Business Account). The required information will include name, address, date of birth, identification number, and other information that will help identify those individuals. This information will need to be collected whether or not the person identified is a Radiant Credit Union member. This information will also be collected for existing legal entity (Business Account) members who establish or update their account once this new regulation is implemented.

While we understand the information requested is personal and sensitive, we must obtain this information in order to comply with the regulation. As always, we will treat all information collected in confidence. All information will be stored securely and handled with the same standard of privacy that we have always maintained.

The beneficial ownership regulation is a federal law requiring all financial institutions to identify and verify the identity of the beneficial owners of legal entity customers as well as a controlling person of the legal entity anytime an account is opened or maintained. The regulation is aimed at making financial institutions safer for their customers and protecting the country’s financial system.
Radiant Credit Union, as well as all other financial institutions in the U.S., will be required to collect beneficial ownership information. The U.S. government implemented the new beneficial ownership regulation to help fight financial crimes. Radiant Credit Union is doing its part in upholding the new regulation to protect the financial system. Compliance with regulations has always been of utmost importance to Radiant Credit Union and the new beneficial ownership regulation will be treated with the same level of importance.
The U.S. government regulation defines “beneficial ownership” as being made up of two roles: (1) those that have an ownership interest in a legal entity and (2) those that control a legal entity.
For those people who have an ownership interest in the legal entity, Radiant Credit Union is required to identify and collect personal information on anyone that meets or exceeds the following ownership thresholds:

Beneficial Owners:
A natural person having 25 percent or more of the equity interests of a legal entity.
Control Person:
A person with significant managerial control or influence over a legal entity customer (e.g., Chief Executive Officer, Chief Financial Officer, Managing Member, General Partner, etc.) For every legal entity (Business) member subject to beneficial ownership, you must identify one control person.

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Business Accounts