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

On April 5, 2021, FinCEN issued an Advance Notice of Proposed Rulemaking (ANPRM) entitled "Beneficial Ownership Information Reporting Requirements,” relating to the Corporate Transparency Act (Sections 6401 - 6403 of the Anti-Money Laundering Act of 2020 (the AML Act)), and intends to issue a Notice of Proposed Rulemaking.  Section 6403 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: (i) 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; (ii) establishing a mechanism for issuing FinCEN identifiers to entities and individuals that request them; (iii) requiring FinCEN to maintain the information in a confidential, secure non-public database; and (iv) authorizing 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. Section 5336 requires that the first of these requirements, notably the beneficial ownership information reporting regulation for legal entities (the "reporting regulation”), 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: Economically Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Yes  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    01/01/2022 
Action Date FR Cite
ANPRM  04/05/2021  86 FR 17557   
ANPRM Comment Period End  05/05/2021 
NPRM  02/00/2022 
NPRM Comment Period End  04/00/2022 
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: Undetermined 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
International Impacts: This regulatory action will be likely to have international trade and investment effects, or otherwise be of international interest.
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