The Financial Crimes Enforcement Network has received more than 1.7 million filings on beneficial ownership information since it began accepting reports from reporting companies at the beginning of this year, Director Andrea Gacki said.
Details: In public remarks, Gacki also said:
FinCEN soon will launch a pilot program to provide certain agencies access to BOI.
Subsequent stages will extend access to Treasury offices, other agencies, and finally to financial institutions and their supervisors.
The agency expects financial institutions subject to customer due diligence obligations will receive access in spring 2025.
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.
Most recently, ICBA last month said FinCEN’s estimated burden of complying with its final rule on accessing beneficial ownership information does not accurately reflect the demands of collecting this information.
Background: The Corporate Transparency Act 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.
