FinCEN Seeking Comments on Beneficial Ownership Reporting-Related Information Collections
The Treasury Department’s Financial Crimes Enforcement Network is seeking public comments on two information collections, involving beneficial ownership information reports and the FinCEN Identifier Application. FinCEN recently published a rule to require certain entities to report to the agency information…
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about their beneficial owners, which would help U.S. authorities determine whether sanctioned parties or others are illegally hiding money or property in the U.S. (see 2309280006). Under the rule, parties can apply for a “FinCEN Identifier,” a unique identifying number that entities can submit instead of their identifying information, which can serve as a “data security” tool. Comments are due by Oct. 30.