The Financial Crimes Enforcement Network (FinCEN) seeks comments on information to be collected from certain authorized recipients – including credit unions – when requesting access to beneficial ownership information (BOI), consistent with the requirements of FinCEN’s final access and safeguards rule.
The Corporate Transparency Act requires legal entities report BOI directly to FinCEN. That ownership information is included in a database accessible by certain parties, such as law enforcement or financial institutions, when needed. The final rule of the “reporting” phase took effect Jan. 1.
Comments are due to FinCEN April 1 on:
- information to be collected from certain persons requesting beneficial ownership information from FinCEN; and
- FinCEN’s estimate of the burden involved in the information collection.
Analysis of the complete BOI “access” final rule can be found on the America’s Credit Unions Compliance Blog.