Alert! Beneficial Ownership Information Access and Safeguards Final
The Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the access and safeguard provisions of the Corporate Transparency Act (CTA) (the “Access Rule”). The Access Rule prescribes the circumstances under which beneficial ownership information (BOI) reported to FinCEN may be disclosed to authorized BOI recipients, and how it must be protected. The Access Rule reflects FinCEN’s commitment to creating a highly useful database for authorized BOI recipients while protecting this sensitive information from unauthorized disclosure.
In accordance with the CTA, the Access Rule provides access to BOI to Federal agencies engaged in national security, intelligence, or law enforcement activity; State, local, and Tribal law enforcement agencies with court authorization; foreign law enforcement agencies, judges, prosecutors, and other authorities that meet specific criteria; financial institutions with customer due diligence requirements and regulators supervising them for compliance with such requirements; and U.S. Department of the Treasury (Treasury) officers and employees. Each category of authorized recipients is subject to security and confidentiality protocols aligned with applicable access and use provisions. Business owners begin registering their businesses on January 1, 2024, through a portal on FinCEN's website called BOSS. This secure system is unlike the MSB registration which is a much more public database. Which businesses have to register? When do they have to register? Do financial institutions have to do anything? Are we going to live with two beneficial ownership rules and for how long? All these questions and any updates will be addressed during this webinar.
During this webinar, you will receive the latest update on BOI and its newest Part I and II rule!
Who Should Attend
BSA Officers, Compliance, Operations, Training, and anyone who opens accounts will find this webinar valuable.