FinCEN

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 …

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Feedback sought on financial institution access to BOI database

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. …

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FinCEN to propose new residential real estate transfer requirements

The Financial Crimes Enforcement Network (FinCEN) will publish a proposed rule that would require reports and recordkeeping on certain transfers of real estate properties to specified legal entities and trusts. The proposal does not cover transfers made directly to individuals. The proposed rule describes when a report must be filed, who must file a report, …

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FinCEN seeks comments on info collected from BOI access

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 …

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CVC mixing proposal should include threshold for exemptions

The Financial Crimes Enforcement Network (FinCEN) should revisit its convertible virtual currency (CVC) mixing proposal to avoid covering the majority of financial institutions by a rule that should be targeted at a “relative few,” America’s Credit Unions wrote Monday. FinCEN’s proposal would establish certain reporting and recordkeeping requirements for those that participate directly in CVC …

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