The Financial Crimes Enforcement Network has received more than 100,000 filings on beneficial ownership information since it began accepting reports last week, Treasury Secretary Janet Yellen said.
Yellen Remarks: Speaking at FinCEN, Yellen said the agency’s collection of BOI will protect national security and provide economic benefits, such as protecting the financial system and reducing due diligence costs.
Background: The agency’s September 2022 BOI reporting rule requires most U.S. corporate entities to report to FinCEN information about their beneficial owners—those 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.