FinCEN issues final rule on beneficial ownership reporting
The Financial Crimes Enforcement Network (FinCEN) issued a final rule last Thursday establishing a beneficial ownership information reporting requirement that requires “most corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about their beneficial owners—the persons who ultimately own or control the company, to FinCEN.”
The rule, effective Jan. 1, 2024, sets a 30-day deadline for newly created entities to file initial beneficial ownership reports, while requiring existing entities to submit an initial beneficial ownership report within one year of the effective date.
The rule is in accordance with the Corporate Transparency Act (CTA) and Anti-Money Laundering Act (AMLA), which were passed as part of the fiscal year 2021 National Defense Authorization Act.
NAFCU has previously engaged with FinCEN on this rule. NAFCU Senior Regulatory Affairs Counsel Aminah Moore wrote to FinCEN earlier this year in response to a notice of proposed rulemaking. In the letter, Moore requested the agency shorten reporting timeframes for existing companies to 60 days and ensure verification of information provided.
Fall 2022 Supervisory Highlights Part I: Auto Servicing, Consumer Reporting, Credit Card Account Management, and Debt Collection
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