The Financial Crimes Enforcement Network today published its first set of guidance materials to aid the public and small businesses in understanding upcoming beneficial ownership information reporting requirements taking effect on Jan. 1, 2024. The materials include an FAQ, one-page guides to key filing dates and key questions, and an introductory video, along with a more detailed informational video about the reporting requirement.
The new regulations will require many corporations, limited liability companies and other entities created in or registered to do business in the U.S. to report information about their beneficial owners to FinCEN. In February, ABA and state banking associations raised multiple concerns about FinCEN’s related proposal concerning access to the registry, including that it allows banks to access BOI in the registry only for purposes of complying with the 2016 customer due diligence rule, and not for broader customer due diligence purposes. The associations also criticized the proposal for prohibiting banks from sharing BOI outside the U.S., which would prevent banks from sharing that information with bank personnel located in foreign jurisdictions. More recently, ABA urged FinCEN to make changes to the form that entities will use to report BOI to the registry.
