Advocacy Submits Comments on FinCen’s Beneficial Ownership NPRM

On February 8, 2023, the Office of Advocacy (Advocacy) submitted comments on the Financial Crimes Enforcement Network’s (FinCen) notice of proposed rulemaking on Beneficial Ownership Information Access and Safeguards, and Use of FinCEN Identifiers for Entities.

On December 16, 2022, FinCEN posted a proposed rulemaking on access to beneficial ownership information (BOI) by authorized recipients. BOI must be reported to FinCEN pursuant to Section 6403 of the Corporate Transparency Act (CTA). The proposed regulation would implement the strict protocols on security and confidentiality required by the CTA to protect sensitive personally identifiable information reported to FinCEN.

For more, read the public comment letter and fact sheet, which highlights Advocacy’s concerns and recommendations.