The Financial Crimes Enforcement Network today published a small entity compliance guide that provides an overview of the requirements regarding access to beneficial ownership information by small entities—in particular, small financial institutions authorized to access BOI. Under the access rule, BOI reported to FinCEN is confidential, must be protected and may be disclosed only to certain authorized federal agencies, governments and financial institutions. The guide includes sections summarizing the rule’s requirements that pertain to small financial institutions’ access to BOI.
Republic First Bank closed in Pennsylvania
State regulators closed Republic First Bank, doing business under the Republic Bank brand, in Philadelphia, and appointed the FDIC as...