The Financial Crimes Enforcement Network issued additional guidance and resources on pending beneficial ownership information reporting requirements.
FinCEN issues updated guidance on beneficial ownership reporting
October 02, 2023 / By ICBA
The Financial Crimes Enforcement Network issued additional guidance and resources on pending beneficial ownership information reporting requirements.
The Financial Crimes Enforcement Network issued additional guidance and resources on pending beneficial ownership information reporting requirements.
Details: FinCEN updated its frequently asked questions on the reporting requirements to include new information about beneficial owners, initial reports, FinCEN identifiers, and third-party service providers. It also posted a brochure and translations of its small entity compliance guide.
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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