Comments Due to NAFCU: FinCEN - Beneficial Ownership Information Access and Safeguards, and Use of FinCEN Identifiers for Entities
NAFCU would like to highlight the following:
- FinCEN does not plan to permit financial institutions (FIs) to run broad or open-ended queries in the beneficial ownership IT system or to receive multiple search results.
- Any individual authorized to receive BOI is prohibited from disclosing it except as expressly authorized by FinCEN.
- FinCEN intends to update the customer due diligence (CDD) rule through a future rulemaking process.
Comments due to NAFCU: January 30, 2023
Comments due to FinCEN: February 14, 2023
NAFCU will send comments on behalf of its members to FinCEN by its deadline (February 14, 2023).