WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has issued a notice of proposed rulemaking (NPRM) dictating who will be able to access beneficial ownership information under the Corporate Transparency Act (CTA).
As CUToday.info reported earlier, in September, FinCEN issued a final rule establishing the beneficial ownership information reporting requirement, effective Jan 1, 2024.
FinCEN said its latest proposed rule would determine the circumstances under which beneficial ownership information may be disclosed to five entities able to request information including federal, state, local and tribal government, foreign entities, and financial institutions including credit unions.
Under the rule, credit unions would be able to request beneficial ownership reporting as part of their Customer Due Diligence process, according to NAFCU. FinCEN would then allow the information to be released if the reporting entity has granted consent to that credit union or financial institution.
‘Highest Standards’
“In this next step, the proposed rule would provide the highest standards of security and confidentiality while ensuring that the new beneficial ownership database is highly useful to law enforcement agencies in its efforts to combat financial crime,” stated FinCEN Acting Director Himamauli Das. “As we drive toward full implementation of the Corporate Transparency Act, we move closer to exposing criminals, corrupt actors, and anyone trying to hide ill-gotten gains in the United States.”
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