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On 21 December, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued its final rule that establishes the framework for access to, and protection of, beneficial ownership information (BOI). This access rule takes effect 20 February 2024.
It is the second of three key rulemakings to implement the US Corporate Transparency Act (CTA). The first, the BOI Reporting Rule which takes effect on 1 January 2024, requires certain corporations, companies, and other similar entities created or registered to do business in the US to report information about their beneficial owners to FinCEN. While banks and other financial institutions subject to US regulations are not responsible for their customers reporting BOI, they are encouraged to direct customers inquiring to FinCEN for BOI guidance materials and information.
The third phase of rulemaking will involve FinCEN’s revision of its Customer Due Diligence (CDD) rule.