The Financial Crimes Enforcement Network updated its beneficial ownership information frequently asked questions to include responses to questions about entities that have ceased to exist.

Background: The Corporate Transparency Act requires most U.S. corporate entities to report to FinCEN information about their beneficial owners—those who ultimately own or control the company. FinCEN has issued four final rules implementing the CTA, which specify who must file a report of beneficial ownership, what information must be provided, and when a report is due.

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. ICBA recently said FinCEN’s estimated burden of complying with its final rule on accessing beneficial ownership information does not accurately reflect the demands of collecting this information.