FinCEN Proposes Rule Regarding Access to Beneficial Ownership Information under the Corporate Transparency Act
February 8, 2023
On December 15, 2022, the Financial Crimes Enforcement Network of the Department of the Treasury announced a Notice of Proposed Rulemaking to implement the requirements of the Corporate Transparency Act with respect to access to beneficial ownership information reported to FinCEN under the CTA.
The Access Rule NPRM would implement the CTA’s provisions on who may access BOI held by FinCEN, the circumstances under which access may be granted, and the conditions regarding use, security, and oversight of BOI. Separately, it proposes an approach to the use of “FinCEN identifiers” for corporate entities that FinCEN’s final BOI Reporting Rule left unaddressed.
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