The reports will be filed electronically through an online interface and must contain specific types of information outlined by FinCEN.
Browsing: Beneficial ownership
Financial institutions should not wait for a central registry to come online. Banks benefit by becoming proactive right now.
Keeping up with changing regulations was the top concern for U.S. financial services firms, according to Wolters Kluwer’s annual Regulatory and Risk Management Indicator survey.
The proposed regs would govern how BOI information is protected and disclosed to federal agencies, governments and financial institutions.
The rule will require most corporations created in or registered to do business in the U.S. to report beneficial ownership information to FinCEN.
As the Financial Crimes Enforcement Network works to implement the Corporate Transparency Act—an ABA-advocated provision of the Anti-Money Laundering Act of 2020—Acting Director Him Das told lawmakers it will publish a second notice of proposed rulemaking this year “that will propose regulations governing access to beneficial ownership information by law enforcement, national security agencies, financial institutions and others.”
In response to the Financial Crimes Enforcement Network’s proposed rule for a beneficial ownership registry, ABA said today in a comment letter to FinCEN that it is difficult to determine how the reporting requirements will fit with bank responsibilities because it is only the first of three regulations to implement the registry.
As FinCEN works to create a long-awaited database of beneficial ownership information—a key provision of the Anti-Money Laundering Act of 2020—regulators today reminded banks that they must continue to adhere to existing beneficial ownership requirements.
The Financial Crimes Enforcement Network today proposed regulations to implement the Corporate Transparency Act—a bipartisan, American Bankers Association-supported bill that was included in the broader package of Bank Secrecy Act/anti-money laundering reforms in the AML Act of 2020.