FinCEN has issued its final beneficial ownership information (BOI) Access Rule. The Corporate Transparency Act (CTA) requires creation of a BOI database where companies and legal entities report BOI directly to FinCEN; financial institutions will have access to the database.
FinCEN published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule, intended to help businesses determine if they are required to report their beneficial ownership information.
Treasury Secretary Janet Yellen announced Thursday the appointment of Andrea Gacki as director of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Gacki presently serves as the Director of the Office of Foreign Assets Control (OFAC).
FiNCEN issued guidance its Beneficial Ownership Information reporting rule, which is effective Jan. 1, 2024. Resources include introductory videos, FAQs, key questions, and filing dates.
CUNA supports a beneficial ownership information
database as a “significant opportunity to improve the quality and timelines of BOI information for law enforcement and financial institutions,” but believes FinCEN ‘s interpretation is too narrow and is counter to Congressional intent.