The Financial Crimes Enforcement Network is seeking public comment by May 5 on implementing new beneficial ownership information requirements.
FinCEN begins implementing new reporting provisions
April 02, 2021 / By ICBA
The Financial Crimes Enforcement Network is seeking public comment by May 5 on implementing new beneficial ownership information requirements.
The Financial Crimes Enforcement Network is seeking public comment by May 5 on implementing new beneficial ownership information requirements.
Background: The new law enacted Jan. 1 establishes a FinCEN database of company beneficial ownership information for use by law enforcement.
ICBA Position: ICBA, which offers a summary of the law, worked closely with lawmakers to pass the beneficial owner language and continues to advocate relieving community banks of collecting this information from their customers.
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