The Financial Crimes Enforcement Network’s (FinCEN) request for comment on collection of beneficial ownership (BOI) access information outlines the method by which financial institutions provide certification to FinCEN when requesting access to the database. America’s Credit Unions urges credit unions to help shape the discussion and ensure comments address the appropriate needs through their feedback.
FinCEN is seeking feedback on the burden estimate associated with a component of the BOI Access Rule finalized in December, and the request includes the method by which financial institutions must provide certification when requesting access to the BOI database.
Credit unions that choose to access the BOI database for due diligence purposes will need to comply with the certification process outlined in the request for comment
Comments can be sent to America’s Credit Unions by March 25 and are due to FinCEN April 1. The Regulatory Comment contains questions and a link to submit feedback to America’s Credit Unions and FinCEN and is available to legacy NAFCU members here and legacy CUNA members here.
America’s Credit Unions’ Compliance Blog examines the BOI access final rule here.