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TREAS/FINCEN RIN: 1506-AB59 Publication ID: Spring 2023 
Title: Beneficial Ownership Information Access and Safeguards, and Use of FinCEN Identifiers for Entities 

FinCEN intends to issue a final rule entitled Beneficial Ownership Information Access and Safeguards, and Use of FinCEN Identifiers for Entities.  The proposed regulations will establish protocols to protect the security and confidentiality of the beneficial ownership information (BOI) that will be reported to FinCEN pursuant to Section 6403 of the Corporate Transparency Act (CTA), and will establish the framework for authorized recipients' access to the BOI reported.  The final rule will also specify when and how reporting companies can use FinCEN identifiers to report the BOI of entities.  The CTA was enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021 (NDAA).  This rule is the second of three rulemakings FinCEN is required to issue under the CTA.  With regard to the first required rulemaking, FinCEN issued a final rule entitled "Beneficial Ownership Information Reporting Requirements" (BOI reporting rule).

The third required rulemaking will revise the customer due diligence (CDD) requirements for financial institutions.  FinCEN previously issued an Advance Notice of Proposed Rulemaking (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. This rule reflects FinCEN’s consideration of public comments that have been received in response to the ANPRM and BOI Reporting NPRM, as well as to the NPRM for Beneficial Ownership Information Access and Safeguards.

Agency: Department of the Treasury(TREAS)  Priority: Economically Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final 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 1960    31 U.S.C. 5311 to 5314    31 U.S.C. 5316 to 5336   
Legal Deadline:  None
Action Date FR Cite
NPRM  12/16/2022  87 FR 77404   
NPRM Comment Period End  02/14/2023 
Final Action  09/00/2023 
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 
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