ICBA today is calling on Congress to advance legislation to coordinate and strengthen recent Financial Crimes Enforcement Network anti-money laundering rulemakings.
Statement for the Record: In a statement for today’s House Financial Services Committee hearing on FinCEN oversight, ICBA expressed support for Chairman Patrick McHenry’s (R-N.C.) Protecting Small Business Information Act (H.R. 4035). The legislation would require FinCEN to finalize all rulemakings required under the 2020 Corporate Transparency Act before any rules take effect.
Bill Details: ICBA said in the statement that H.R. 4035 would:
Promote consistency among the rulemakings by synchronizing the effective dates.
Ensure FinCEN finalizes its Customer Due Diligence “congruence” rule—which requires the agency to reduce unnecessary or duplicative regulatory burdens—before implementing other CTA rules.
Background: The CTA requires most U.S. corporate entities to report to FinCEN information about their beneficial owners—those who ultimately own or control the company. FinCEN has issued four final rules implementing the CTA, which specify who must file a report of beneficial ownership, what information must be provided, and when a report is due.
BOI Collection: In the statement, ICBA also continued its call for FinCEN to withdraw its requirement that banks collect beneficial ownership information now that the agency is required to collect this information directly from reporting companies.
