Biden to Seek Additional Funding for FinCEN’s Beneficial Ownership Database

President Biden is seeking a $191 million in funding for the Financial Crimes Enforcement Network—a $64 million increase from FY 2021—according to the FY 2022 budget released by the White House today. The additional funding would go toward FinCEN’s effort to implement new Bank Secrecy Act/anti-money laundering rules, including the creation of a new beneficial ownership database. FinCEN took the first step toward creating the database earlier when it issued an advance notice of proposed rulemaking earlier this month.

The president’s budget also calls for—among other things—a 15% budget increase for the Department of Housing and Urban Development, a 9.4% budget increase for the Small Business Administration, and a 10.4% budget increase for the Internal Revenue Service.