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Can we use BOI for credit decisions?

Answered by: 

Question: 
What are examples of types of transactions financial institutions cannot use beneficial ownership rule?
Answer: 

The final rule does not permit financial institutions to use BOI from FinCEN in assessing whether to extend credit to a legal entity, or in establishing the price of that credit, when credit decisions are unrelated to AML/CFT or national security purposes.

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Learn more about Deborah Crawford’s Alert! Beneficial Ownership Information Access and Safeguards webinar.

First published on 12/31/2023

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