The Financial Crimes Enforcement Network has received more than 100,000 filings on beneficial ownership information since it began accepting reports last week, Treasury Secretary Janet Yellen said.
Beneficial ownership reports to FinCEN top 100K: Yellen
January 09, 2024 / By ICBA
The Financial Crimes Enforcement Network has received more than 100,000 filings on beneficial ownership information since it began accepting reports last week, Treasury Secretary Janet Yellen said.
The Financial Crimes Enforcement Network has received more than 100,000 filings on beneficial ownership information since it began accepting reports last week, Treasury Secretary Janet Yellen said.
Yellen Remarks: Speaking at FinCEN, Yellen said the agency’s collection of BOI will protect national security and provide economic benefits, such as protecting the financial system and reducing due diligence costs.
Background: The agency’s September 2022 BOI reporting rule requires most U.S. corporate entities to report to FinCEN information about their beneficial owners—those who ultimately own or control the company.
ICBA View: ICBA has repeatedly called on FinCEN to withdraw beneficial ownership requirements for banks now that it is required to collect this information directly from reporting companies.
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