- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-12-16T15:24:00
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) released a notice of proposed rulemaking that outlines what agencies and entities should be allowed to access the beneficial ownership registry that is in the works.
The notice, posted on the Federal Register on Friday, proposes to limit access to the new beneficial ownership registry to certain federal agencies; state, local, and tribal law enforcement agencies that have received a court’s authorization; financial institutions with customer due diligence requirements; bank regulators supervising the due diligence activities of financial institutions; foreign law enforcement agencies, prosecutors, judges, and other agencies that meet specific criteria; and Treasury officers and employees. The registry will not be accessible to the public.
Written comments on the rule should be submitted to FinCEN in the next 60 days, the agency said Thursday in a press release.
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The reporting requirements of the beneficial ownership information registry being developed by the Financial Crimes Enforcement Network will likely be revised following harsh criticism from lawmakers and businesses.
The Financial Crimes Enforcement Network estimated it will cost reporting companies a total of $22.7 billion to comply with the requirements of the agency’s beneficial ownership registry in its first year.
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