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NAFCU issues Final Reg Alert on FinCEN beneficial ownership reporting final rule
NAFCU sent members a Final Regulation Wednesday breaking down the Financial Crimes Enforcement Network’s (FinCEN) final rule on establishing beneficial ownership information reporting requirement, which was issued last month.
The final rule requires certain entities to file reports with FinCEN “that identify the beneficial owners of the entity and individuals who have applied with specified governmental authorities to create the entity or register it to do business.”
Through the Final Regulation, NAFCU highlights the following:
- FinCEN intends to issue proposed regulations governing the Beneficial Ownership Security System (BOSS) and disclosure of beneficial ownership information;
- the final rule sets a 30-day deadline for entities created after the effective date to file an initial report, as well as a 30-day deadline for entities filing updated and corrected reports;
- entities created before the effective date of the final rule must submit an initial report within one year of the effective date; and
- covered companies will have to report their “company applicants.”
NAFCU Senior Regulatory Affairs Counsel Aminah Moore wrote to FinCEN earlier this year in response to a notice of proposed rulemaking. In the letter, Moore requested the agency shorten reporting timeframes for existing companies to 60 days and ensure verification of information provided.
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