Beneficial Ownership Information Reporting Requirements


Beneficial Ownership Information Reporting Requirements

Subject: BSA/AML; beneficial ownership
Agency: FinCEN

Proposed rule


FinCEN is promulgating proposed regulations to require certain entities to file reports with FinCEN that identify two categories of individuals: the beneficial owners of the entity; and individuals who have filed an application with specified governmental authorities to form the entity or register it to do business. The proposed regulations would implement Section 6403 of the Corporate Transparency Act (CTA), enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021 (NDAA), and describe who must file a report, what information must be provided, and when a report is due. Requiring entities to submit beneficial ownership and company applicant information to FinCEN is intended to help prevent and combat money laundering, terrorist financing, tax fraud, and other illicit activity. Once finalized, these proposed regulations will affect a large number of entities doing business in the United States. This document also invites comments from the public regarding all aspects of the proposed regulations as well as comments in response to specific questions.

FR Doc: 2021-26548
Date proposed: April 1, 2021
Comments due date: Feb. 7, 2022
Effective date:

Rule compliance date:
Agency release:
Related Reg Report item(s):

FinCEN ANPR seeks input on beneficial ownership reporting; future action to cover financial institution CDD requirements