FinCEN seeks comments on info collection from BOI requesters

The Treasury Department, on behalf of the Financial Crimes Enforcement Network (FinCEN) has published [89 FR 59805] in today's Federal Register a request for public comment on an information collection associated with requests made to FinCEN by certain persons for beneficial ownership information. Written comments on the proposed information collection are due within 30 days (by August 22, 2024).

The 30-day notice seeks comment on the information to be collected from certain authorized recipients requesting access to beneficial ownership information, consistent with the requirements of the Beneficial Ownership Information Access and Safeguards Rule published on December 22, 2023, and effective since February 20, 2024. The Corporate Transparency Act authorizes government agencies as well as financial institutions and their regulators to obtain beneficial ownership information under certain specified circumstances for national security and law enforcement purposes.

This 30-day notice gives the public an opportunity to comment on: (1) the information to be collected from certain persons requesting beneficial ownership information from FinCEN; and (2) FinCEN’s estimate of the burden involved in the information collection. Comments must be submitted by August 22, 2024.

FinCEN is setting the stage for financial institutions and certain government agencies to have access to Beneficial Ownership Information reported by entities subject to Beneficial Ownership Information Reporting requirements, which is expected to be finalized early in 2025.