View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

TREAS/FINCEN RIN: 1506-AB49 Publication ID: Spring 2021 
Title: ●Section 6403. Corporate Transparency Act 

FinCEN issued an Advance Notice of Proposed Rulemaking relating to Section 6403 of the Corporate Transparency Act (CTA).  This section amends the Bank Secrecy Act by adding new Section 5336 to title 31 of the United States Code.  New Section 5336 requires FinCEN to issue rules requiring reporting companies to submit certain information about the individuals who are beneficial owners of those entities and the individuals who formed or registered those entities, and establishing a mechanism for issuing FinCEN identifiers to entities and individuals that request them; requires FinCEN to maintain the information in a confidential, secure non-public database; and authorizes FinCEN to disclose the information to certain government agencies and financial institutions for purposes specified in the legislation and subject to protocols to protect the confidentiality of the information. The first of these requirements the reporting regulation for legal entities must be published in final form by January 1, 2022.  The ANPRM solicited comments on a wide range of questions having to do with the possible shape of the reporting regulation, as well as questions that concern the interaction of the requirements of this regulation and the shape and functionality of the database that will be populated with the information reported under section 5336.

Agency: Department of the Treasury(TREAS)  Priority: Other Significant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Prerule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 31 CFR 1010.380   
Legal Authority: 12 U.S.C. 1829b    12 U.S.C. 1951 to 1959    31 U.S.C. 5311 to 5314    31 U.S.C. 5316 to 5336   
Legal Deadline:
Action Source Description Date
Final  Statutory  The reporting regulations under section 6403 of the AML Act of 2020 must be finalized by January 1, 2022  01/01/2022 
Action Date FR Cite
ANPRM  04/05/2021  86 FR 17557   
ANPRM Comment Period End  05/05/2021 
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: Undetermined 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: Yes 
Agency Contact:
FinCEN Regulatory Support Section
Department of the Treasury
Financial Crimes Enforcement Network
P.O. Box 39,
Vienna, VA 22183
Phone:800 767-2825