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Comments due on FinCEN BOI access proposed rule

02/14/2023
Status: 

FinCEN has scheduled a proposed rule for publication in the December 16, 2023, Federal Register regarding access by authorized recipients to beneficial ownership information (BOI) that will be reported to FinCEN under Section 6403 of the Corporate Transparency Act (CTA), enacted into law as part of the Anti Money Laundering Act of 2020 (AML Act).

The proposed regulations would implement the strict protocols on security and confidentiality required by the CTA to protect sensitive personally identifiable information (PII) reported to FinCEN. The disclosure of BOI to authorized recipients in accordance with appropriate protocols and oversight
will help law enforcement and national security agencies prevent and combat money laundering, terrorist financing, tax fraud, and other illicit activity, as well as protect national security.

FinCEN is also proposing regulations to specify when and how reporting companies can use FinCEN identifiers to report the BOI of entities.

Comments on the proposal will be accepted through February 14, 2023.

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