Comments Filed; FinCEN States It May Reopen BOI Reporting Rule

CUNA filed comments with FinCEN regarding the proposal on reporting requirements for beneficial ownership information. This proposal is one in a suite of expected proposals aimed at implementing the beneficial ownership database FinCEN was tasked with creating in the AML Act of 2020.

In the comments, CUNA urges FinCEN to ensure that the reporting requirements closely aligned with what information is necessary to meet credit unions’ regulatory customer due diligence obligations, and encourages FinCEN not to finalize the reporting requirements rule until it had also issued and received comments on other related proposals to ensure all pieces of the rule are in alignment.

FinCEN has gotten similar feedback from other parties as well, and it issued a statement on Tuesday indicating that may reopen the comment period in conjunction with a rulemakings on accessing the database. Ultimately, finalizing a holistic set of rules is more effective and efficient for everyone, so reopening the comment period is helpful.