2022 Beneficial Ownership Final Rule Summary (Reporting Companies)

Updated 12/13/2022

This tool summarizes FinCEN’s Final Rule requiring certain entities to file reports with FinCEN that identify two categories of individuals: beneficial owners of the entity and individuals who have filed an application to create the entity or register it to do business. The Final Rule does not alter or revise current beneficial ownership information collection that financial institutions conduct pursuant to the 2016 Customer Due Diligence Rule (CDD Rule) but instead places a new reporting requirement on the entities themselves. This tool summarizes the Final Rule’s reporting requirement placed on legal entities and outlines the impact on financial institutions

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