The Financial Crimes Enforcement Network issued a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about individual beneficial owners.
FinCEN issues final rule on beneficial ownership identifiers
November 09, 2023 / By ICBA
The Financial Crimes Enforcement Network issued a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about individual beneficial owners.
The Financial Crimes Enforcement Network issued a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about individual beneficial owners.
Details: A FinCEN identifier is a unique number that FinCEN will issue upon request after receiving required information. Although there is no requirement to obtain a FinCEN identifier, the agency said doing so can simplify the reporting process.
Background: Starting Jan. 1, 2024, many U.S. companies will have to report information about their beneficial owners—the individuals 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, including in a written statement to Congress and a comment letter to the agency earlier this year.
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