Over 32 million small businesses are estimated to need to comply with the Corporate Transparency Act and file an initial BOI report with FinCEN by Jan. 1, 2025, with newly formed businesses having just 90 days to do so. Failure to comply can result in fines exceeding $500 per day and potential jail time. To help your customers stay compliant and avoid penalties, CBAK has endorsed the Wolters Kluwer BizFilings BOI Reporting solution and is encouraging all member banks to join their BOI Partnership Program. This program offers an easy‑to‑join, low‑lift referral model that provides banks with the tools and information necessary to educate small business customers about the BOI requirement and recommend an efficient compliance solution.
To learn more, visit Wolters Kluwer BizFilings’ website at https://www.wolterskluwer.com/en/know/boi-for-banks?utm_medium=email&utm_source=sales_msg_notice&utm_campaign=bfi_sb_boi-outreach-cs-bank-customers-sheetal-kamani_07-2024.
Wanting to discuss the BOI Partnership Program? Schedule a 20‑minute exploration call to discover how the program can benefit your small business banking customers at https://calendly.com/d/ckcm‑zmw‑2yh/standard‑boi‑partner?utm_medium=email&utm_source=sales_msg_notice&utm_campaign=bfi_sb_boi‑outreach‑cs‑bank‑customers‑sheetal‑kamani_07‑2024&month=2024‑09.
“We were surprised at the number of customers who found themselves unaware that this was a requirement and they’re happy we’ve given them a streamlined way to comply with the law with the Wolters Kluwer website. We had one instance with an insurance agent customer who had never heard of BOI and they went back to one of the major markets to learn they also had yet to hear about it. After that, we had insurance agents who weren’t even our customers calling about using the BOI filing service.”
— Andrew E. Tinberg
President & CEO
CNB Bank & Trust, NA
