FinCEN issues BOI compliance guide

The Financial Crimes Enforcement Network (FinCEN) issued a small entity compliance guide Tuesday to provide information on the requirements for accessing beneficial ownership information (BOI). 

FinCEN’s final rule regarding BOI access went into effect Tuesday and requires reported BOI to be confidential, protected, and disclosed only to certain authorized parties. The guide provides an overview of the rule’s requirements for small financial institutions’ access to BOI. However, it notes that financial institutions do not currently have access to BOI, as FinCEN is taking a phased approach to providing access. The agency added that financial institutions will be part of the final group that is granted access. The timeline for when credit unions will receive access to the BOI database is unclear.

America’s Credit Unions also detailed FinCEN’s BOI access rule in a recent Compliance Blog post

Scroll to Top