FinCEN Issues Request for Comment on Beneficial Ownership Reporting Requirements
The Financial Crimes Enforcement Center (FinCEN) has invited[1] all interested parties to comment on the contents of the application that individuals are required to complete in relation to the Beneficial Ownership Information Reporting Requirements final rule[2] that FINCEN published on September 30, 2022 (the “Final Rule”).
The Final Rule requires most entities to report with FinCEN the identify of “the beneficial owners of the entity, and individuals who have filed an application with specified governmental authorities to create the entity or register it to do business.” Additionally, under the Final Rule, entities that are created or registered after January 1, 2024 will be required to identify the individual who directly filed the documents that created the entity, and the individual responsible for controlling the filing.
FinCEN issued this Final Rule as an effort to curb “money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, while minimizing the burden on entities doing business in the United States.”
The application requires individuals to submit the following information:
· Filing information
o FinCEN ID
o Date Last Amended
· Individual information
o Full legal name
o Date of birth
o Address (business and/or residential)
o Identifying document (state-issued driver’s license, state/local/Tribe-issued ID, U.S. passport, foreign passport) and accompanying information
· Certification
o Certification of true, correct, and complete information
Comments must be received on or before March 20, 2023 via:
· Federal E-Rulemaking Portal: Refer to Docket Number FINCEN–2023– 0001 and the specific Office of Management and Budget (OMB) control number 1506–0076.
· Mail: Policy Division, Financial Crimes Enforcement Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN–2023–0001 and OMB control number 1506–0076.