Jan. 17, 2023
The Financial Crimes Enforcement Network today is slated to request public comments on two notices related to beneficial ownership information reporting, with comments due by March 20.
New Notices: The notices seek comment on:
The mechanism that FinCEN proposes to use to collect beneficial ownership information from reporting companies as set out in its final rule on reporting requirements.
The application that individuals would use to obtain a FinCEN identifier, consistent with the rule.
Rulemakings: FinCEN last month issued a proposed rule that would establish regulations to govern the circumstances under which beneficial ownership information may be disclosed to agencies and financial institutions and how it must be protected. A previous final rule requires most U.S. corporations, limited liability companies, and other entities to report to FinCEN information about their beneficial owners—those who ultimately own or control the company.
Background: Both rules enact provisions of the Corporate Transparency Act—which passed as part of the Anti-Money Laundering Act—to strengthen national security and the integrity and transparency of the U.S. financial system.
ICBA Position: In letters to FinCEN on beneficial ownership reporting and the agency’s broader Bank Secrecy Act review, ICBA called on the agency to withdraw bank beneficial ownership collection and verification requirements now that it is required to collect this information directly from reporting companies.