WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has issued a small entity compliance guide it said is meant to provide information on the requirements for accessing beneficial ownership information (BOI).
FinCEN’s final rule regarding BOI access has now gone into effect and requires reported BOI to be confidential, protected, and disclosed only to certain authorized parties.
On its analysis of the new guide, America’s Credit Unions said it provides an overview of the rule’s requirements for small financial institutions’ access to BOI.
A Phased Approach
“However, it notes that financial institutions do not currently have access to BOI, as FinCEN is taking a phased approach to providing access,” ACU added, noting the agency added that financial institutions will be part of the final group that is granted access. The timeline for when credit unions will receive access to the BOI database is unclear, America’s Credit Unions said.
Additional information is available in this Compliance Blog post.
Now With Free Shipping! The CUToday.info Daily News Email Keeps Getting Better!
The biggest, best and freshest news reporting in credit unions remains free, and now has an added bonus---free shipping to your email address! That’s right. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?