FinCEN begins implementing new reporting provisions

The Financial Crimes Enforcement Network is seeking public comment by May 5 on implementing new beneficial ownership information requirements.

Background: The new law enacted Jan. 1 establishes a FinCEN database of company beneficial ownership information for use by law enforcement.

ICBA Position: ICBA, which offers a summary of the law, worked closely with lawmakers to pass the beneficial owner language and continues to advocate relieving community banks of collecting this information from their customers.