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The Financial Crimes Enforcement Network issued additional guidance and resources on pending beneficial ownership information reporting requirements.
Details: FinCEN updated its frequently asked questions on the reporting requirements to include new information about beneficial owners, initial reports, FinCEN identifiers, and third-party service providers. It also posted a brochure and translations of its small entity compliance guide.
Background: Starting Jan. 1, 2024, many U.S. companies will have to report information about their beneficial owners—the individuals who ultimately own or control the company.
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.