Removing Barriers Blog

FinCEN Gathering Input on Beneficial Ownership Information Database
Posted April 07, 2021 by CUNA Advocacy

FinCEN has published an Advanced Notice of Proposed Rulemaking (ANPRM) seeking feedback on the implementation of the Corporate Transparency Act (CTA). The CTA was part of the National Defense Authority Act (NDAA) signed into law on January 1, 2021. The CTA requires certain business entities to submit their beneficial owner information directly to FinCEN, which is then authorized to disclose that beneficial ownership information to financial institutions attempting to comply with their BSA/AML customer due diligence (CDD) requirements.

The ANPRM looks at several aspects of how this would work including what information should be collected and how credit unions and other financial institutions can access and use that information. CUNA is seeking feedback from credit unions – for more information, review the Call for Comment or contact Elizabeth LaBerge.