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ARTICLE · 26 JANUARY 2024

FinCEN's Access Rule And Banks

Kutak Rock LLP
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On December 22, 2023, the Financial Crimes Enforcement Network ("FinCEN") published a final rule establishing standards for banks to access beneficial ownership information...

United StatesFinance and Banking
Bryan G. Handlos
Bryan G. Handlos
Jeffrey S. Makovicka
Jeffrey S. Makovicka
Austin Graves
Austin Graves

On December 22, 2023, the Financial Crimes Enforcement Network ("FinCEN") published a final rule establishing standards for banks to access beneficial ownership information ("BOI") reported to FinCEN (the "Access Rule").1 The Access Rule is the second of three rulemakings to implement the Corporate Transparency Act ("CTA"),2 a new law designed to increase ownership transparency in corporate entities. The Access Rule followed the BOI reporting rule (the "Reporting Rule") requiring certain corporations, limited liability companies and other entities (collectively, "reporting companies") to report identifying information about themselves, their beneficial owners, and the company applicants who form or register them.3 BOI reported to FinCEN under the Reporting Rule will be kept in a national database that went "live" on January 1, 2024 (the "System"). The Access Rule prescribes the circumstances under which BOI may be disclosed to certain governmental authorities and

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