FinCEN Beneficial Ownership Information Reporting Requirements Advanced Notice of Proposed Rulemaking Summary
Updated 04/27/2021
This tool summarizes FinCEN’s advanced notice of proposed rulemaking covering statutory requirements put forward by the CTA and NDAA. The following are the key takeaways:
- The CTA and NDAA require companies to report beneficial ownership information to FinCEN.
- The CTA and NDAA require FinCEN to implement regulations regarding beneficial ownership reporting requirements as well as a non-public database of information collected. Some of these regulations are required to be promulgated by FinCEN by January 1, 2022.
- FinCEN has provided several questions to assist the agency in exercising its rulemaking authority and banks should consider those questions when submitting a written comment.
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