When autocomplete results are available use up and down arrows to review and enter to select.
The Financial Crimes Enforcement Network issued a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about individual beneficial owners.
Details: A FinCEN identifier is a unique number that FinCEN will issue upon request after receiving required information. Although there is no requirement to obtain a FinCEN identifier, the agency said doing so can simplify the reporting process.
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.
Previous News
Federal Reserve Governor Michelle Bowman expressed concerns with the community bank impact of regulators’ Community Reinvestment Act final rule and other recent agency actions.
ImageNov 9, 2023
ICBA and its affiliated state community banking associations called on the Consumer Financial Protection Bureau to extend the comment deadline on its proposal to implement standards for sharing consumer financial data under Section 1033 of the Dodd-Frank Act.
ImageNov 9, 2023
The Financial Crimes Enforcement Network and the Bureau of Industry and Security issued a joint notice highlighting a new Suspicious Activity Report key term.
ImageNov 9, 2023
Related News Taxonomy
May 15, 2025
May 7, 2025
Mar 27, 2025