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TREAS/FINCEN RIN: 1506-AB60 Publication ID: Fall 2022 
Title: ●Revisions to Customer Due Diligence Requirements for Financial Institutions 

FinCEN intends to issue an NPRM entitled Revisions to Customer Due Diligence Requirements for Financial Institutions, relating to Section 6403(d) of the Corporate Transparency Act (CTA).  The CTA was enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021 (NDAA).  Section 6403(d) of the CTA requires FinCEN to revise its customer due diligence (CDD) requirements for financial institutions to account for the changes created by the two other rulemakings FinCEN is required to issue pursuant to the CTA.  With regard to the first required rulemaking, FinCEN issued a final rule entitled "Beneficial Ownership Information Reporting Requirements" (BOI reporting rule). The second required rulemaking relates to access by authorized recipients to beneficial ownership information (BOI) that will be reported to FinCEN and the use of FinCEN identifiers. FinCEN previously issued an ANPRM entitled Beneficial Ownership Information Reporting Requirements on April 5, 2021, that solicited comments on a wide range of questions that concerned all three rulemakings.  FinCEN also previously issued a Notice of Proposed Rulemaking with the same title on December 8, 2021 (BOI Reporting NPRM) that addressed only the first of the three rulemakings, but the comments FinCEN received related to all three subjects.  The proposed rule reflects FinCEN’s consideration of public comments that have been received in response to the ANPRM and BOI Reporting NPRM.  The CTA requires that the revisions to the CDD requirements be finalized within one year after the effective date of the BOI reporting rule.

Agency: Department of the Treasury(TREAS)  Priority: Other Significant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: Undetermined 
CFR Citation: 31 CFR 1010.230   
Legal Authority: 12 U.S.C. 1829b    12 U.S.C. 1951 to 1960    31 U.S.C. 5311 to 5314    31 U.S.C. 5316 to 5336      
Legal Deadline:
Action Source Description Date
Final  Statutory    01/01/2025 
Action Date FR Cite
NPRM  11/00/2023 
NPRM Comment Period End  01/00/2024 
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 
Related RINs: Related to 1506-AB49 
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