FinCEN to Issue ANPR on CTA Beneficial Ownership Reporting Requirements

The Financial Crimes Enforcement Network will issue an advanced notice of proposed rulemaking regarding the implementation of the beneficial ownership reporting requirements included in the Corporate Transparency Act, FinCEN Director Kenneth Blanco said today at a virtual industry event. The CTA was enacted as part of the Anti-Money Laundering Act of 2020, which contained several critical Bank Secrecy Act/anti-money laundering compliance reforms.

FinCEN is also taking steps to create a database of the beneficial ownership information it collects and stores under the beneficial ownership rules. Blanco said FinCEN is working to develop the use and confidentiality protocols that will control access to that database.

Blanco added that the number-one priority for FinCEN is implementing the AML Act, and urged attendees to provide feedback on FinCEN’s proposed rulemaking, asking them to “help us shape the rules of the road that will govern your industry.”