The Financial Crimes Enforcement Network is seeking additional comment on a proposed application that entities would use to obtain an identifier for reporting beneficial ownership information.

Background: FinCEN’s beneficial ownership rule requires most U.S. corporations, limited liability companies, and other entities to report to FinCEN information about those who ultimately own or control the company.

Proposal Details: Once approved, reporting entities could use the voluntary FinCEN identifier in reporting beneficial ownership information. FinCEN earlier this week issued a separate proposal to extend the deadline for reporting companies created or registered in 2024 to file their initial reports.

ICBA View: ICBA has repeatedly called on FinCEN to withdraw beneficial ownership requirements for banks now that it is required to collect this information directly from reporting companies, including in a written statement to Congress and a comment letter to the agency earlier this year.