Davis Polk partner Dan Stipano was interviewed by Thomson Reuters Regulatory Intelligence on FinCEN’s beneficial ownership registry. In the interview, Dan highlights FinCEN’s priorities for the year and noted that “probably the highest priority for FinCEN is implementing the Corporate Transparency Act (CTA) provisions of the AMLA.”

“In September, FinCEN issued the first of three rules to implement the CTA, the beneficial ownership information (BOI) reporting rule, which imposes requirements on certain legal entities to report beneficial owner and other information to FinCEN for inclusion in a national registry. Then, in December, FinCEN proposed a rule that would govern access to the registry. The third rule, which will conform the beneficial ownership requirements of FinCEN’s existing customer due diligence (CDD) rule to the CTA, is likely to be proposed later this year,” Dan explained.

Regarding when FinCEN might finalize its proposed rule on registry access, Dan added that it is likely that FinCEN will receive a large number of comments, which could mean that the beneficial ownership information registry may not have rules in place by its intended effective date of January 1, 2024.

“U.S. beneficial ownership registry may not be ready by start of 2024, former regulator says,” Thomson Reuters Regulatory Intelligence (February 3, 2023) (subscription required)

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