- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-12-21T20:09:00
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) made several changes suggested by commenters to a new rule allowing limited access to its beneficial ownership information (BOI) registry.
Starting Jan. 1, FinCEN will require corporations, limited liability companies, and similar entities to report certain information about their beneficial owners, defined as “the individual natural persons who ultimately own or control the companies.”
Such owners would be required to provide their full legal name, residential or business address, and a unique number available from an identity document. In lieu of that unique number, beneficial owners could request FinCEN create an identification number for them, called a “FinCEN identifier.” This information will be kept in a confidential database, the BOI registry, administered by FinCEN.
FinCEN’s BOI registry access rule, released Thursday and set to be published Friday in the Federal Register, lists the entities that will be allowed to access the database, including:
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The Financial Crimes Enforcement Network will focus its attention regarding compliance with its new beneficial ownership reporting requirements on education and outreach during the first year of implementation, although “willful violations” will still merit punishment.
The Financial Crimes Enforcement Network will propose categorizing investment advisers as financial institutions that must comply with the Bank Secrecy Act, including having an anti-money laundering program.
Many reporting companies are still unsure whether their organization is required to file beneficial ownership information with the Financial Crimes Enforcement Network or are completely unaware of the new requirements. For those with questions, we have answers.
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
