April 2, 2024

Comments on Beneficial Ownership Infomation Access

ICBA responded to the Financial Crimes Enforcement Network’s information request on its estimated burden associated with the Beneficial Ownership Information Access Rule that was finalized in December 2023.

ICBA maintains its position that financial institutions should not be required to collect Beneficial Ownership Information, or BOI. ICBA also said the burden estimates provided in FinCEN’s notice do not accurately reflect the duplicative collection of BOI that is now submitted directly to the agency.