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#2246458 - 12/11/20 09:14 PM National Defense Authorization Act
TMatt87 Offline
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Does anyone know if the NDAA that just passed the House and Senate retained the provision to transfer beneficial ownership responsibility to FinCen? I quickly searched the version that was passed, but didn't see the language. I'm hoping it wasn't dropped entirely.
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#2246463 - 12/11/20 09:30 PM Re: National Defense Authorization Act TMatt87
ACBbank Offline
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I heard it passed with a non-veto majority but I've yet to verify this.
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#2246464 - 12/11/20 09:37 PM Re: National Defense Authorization Act TMatt87
TMatt87 Offline
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The bill did pass, but the BO changes were in the original bill, but I can't find it in the version the just passed. I'm hoping I'm just missing it, because taking BO off our plate would be very helpful.
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#2246465 - 12/11/20 09:44 PM Re: National Defense Authorization Act TMatt87
Inherent_Risk Offline
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#2246468 - 12/11/20 10:05 PM Re: National Defense Authorization Act TMatt87
ACBbank Offline
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I don't believe that FinCEN has officially opined on this. Without guidance from FinCEN I'm not sure we can stop anything yet.
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#2246474 - 12/11/20 10:37 PM Re: National Defense Authorization Act TMatt87
rlcarey Offline
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I read the latest bill posted and did not see it - but it is hard to say this early - I am not sure the final bill has been posted yet.
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#2246526 - 12/14/20 11:52 PM Re: National Defense Authorization Act TMatt87
ColoradoAML Offline
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Edited because I was wrong about the titling. The entire Corporate Transparency Act was included as Title LXIV, but I'm seeing the same thing that it sounds like you all are, that that title, among many others, doesn't appear to be included. You can find it on page 2950 here though: https://www.rubio.senate.gov/public...26A2C0FC61C55BAA294F.crpt-116hrpt617.pdf

And ACB is right, FinCEN required us to collect beneficial ownership. This law, if passed, does not say that we are not required to collect beneficial ownership, only that once the Treasury has established a way for businesses to submit BO to them, businesses must do that. FinCEN surely won't relieve the banks of the responsibility to collect BO before they begin collecting it themselves, and even afterward it isn't guaranteed.

Who's to say they won't continue to mandate banks collecting it at account opening and further require us to compare our info to theirs to detect inconsistencies that might be suspicious? A stupid idea, but I'd bet anything they are/have considered it.
Last edited by ColoradoAML; 12/14/20 11:57 PM.
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#2246609 - 12/16/20 04:08 PM Re: National Defense Authorization Act TMatt87
John Burnett Offline
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Regardless, this is a step that is needed before there is any hope of reducing the BO burden on banks. You are right, though, that the rule itself does not lift the burden. Any change in the compliance requirements has to come from FinCEN, and that could take a long time.

Just consider how long FinCEN's proposed change to the FBAR signing requirements has sat on the shelf, untouched.
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