FinCEN Issues Proposed Access Rule And Proposed Forms To Further Implement The CTA

In December 2022, the Financial Crimes Enforcement Network, a bureau of the United States Department of the Treasury ("FinCEN" and "Treasury," respectively), issued a notice of proposed rulemaking ("Proposed Access Rule")¹ continuing the process of implementing regulations required under the Corporate Transparency Act ("CTA").² The CTA requires certain companies created or registered to do business in the United States (each, a "Reporting Company") to report certain identifying and beneficial ownership information ("BOI") directly to FinCEN to be maintained in a database managed by FinCEN.³ The Proposed Access Rule addresses which persons will be authorized to access such BOI, how such persons will receive BOI that is reported, how FinCEN would implement the strict protocols on security and confidentiality required by the CTA to protect sensitive personally identifiable information (PII) reported to FinCEN, and the penalties associated for failing to adhere to the