FinCEN seeks feedback on proposed beneficial ownership reporting process

The Financial Crimes Enforcement Network is soliciting public comment on the reporting process that the agency plans to use to collect beneficial ownership data from reporting companies.

The beneficial ownership information reporting requirements final rule issued last year requires reporting companies to provide FinCEN with information about: the reporting company; the individual beneficial owners of the reporting company; and individuals who have filed an application with specified governmental authorities to create a domestic reporting company or register a foreign reporting company to do business in the United States. The notice gives the public an opportunity to comment on the report that FinCEN proposes to require companies to use to submit that information, as well as the agency’s estimate of the burden involved in preparing and submitting the report.

FinCEN said the reports will be filed electronically through an online interface and must contain information about the reporting entity itself. The reporting company must certify that the report is true, correct and complete. The rule also requires that companies update the information in these reports as needed, and correct any previous incorrectly submitted information, within specific timeframes. The collected information will be maintained by FinCEN and made accessible to authorized users.

Comments are due by March 20.

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