Beneficial Ownership Update - It's Complicated
Alert! Beneficial Ownership Information Access and Safeguards Final
January 29, 2024
Member Fee (Live or Recording): $165 per connection
Non-Member Fee (Live or Recording): $265 per connection
The Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the access and safeguard provisions of the Corporate Transparency Act (CTA) (the “Access Rule”). The Access Rule prescribes the circumstances under which beneficial ownership information (BOI) reported to FinCEN may be disclosed to authorized BOI recipients, and how it must be protected. The Access Rule reflects FinCEN’s commitment to creating a highly useful database for authorized BOI recipients while protecting this sensitive information from unauthorized disclosure.
In accordance with the CTA, the Access Rule provides access to BOI to Federal agencies engaged in national security, intelligence, or law enforcement activity; State, local, and Tribal law enforcement agencies with court authorization; foreign law enforcement agencies, judges, prosecutors, and other authorities that meet specific criteria; financial institutions with customer due diligence requirements and regulators supervising them for compliance with such requirements; and U.S. Department of the Treasury (Treasury) officers and employees. Each category of authorized recipients is subject to security and confidentiality protocols aligned with applicable access and use provisions.
Business owners can begin registering their businesses on January 1, 2024 through a portal at fincen.gov called BOSS. This secure system is unlike the MSB registration which is a much more public database. Which businesses have to register? When do they have to register? Do financial institutions have to do anything? Are we going to live in two beneficial ownership rules and for how long? All these questions and any updates will be addressed during this webinar. Also receive the latest update on BOI and it’s newest Part I and II rule!
- Who has to register?
- What are the exemptions, exceptions and exclusions?
- Who is an owner or control person?
- What about trusts?
- Has the banking rule been produced yet?
- Do we use the old rule while companies use the new rule?
- Learn everything on beneficial ownership in 2024
- The Access Framework
- Authorized Recipients
- Security and Confidentiality Requirements
- Re-Disclosure of BOI By Authorized Recipients
- Violations and Penalties
- Implementation of BOI Access
- Next Steps
Business bankers, BSA, Compliance, Deposit and Loan Operations, Management and those who open accounts
Debbie Crawford is the President of gettechnical, Inc. a Florida-based firm, specializing in the education of banks and credit unions across the nation. Her 35+ years of banking and teaching experience began at Hibernia National Bank in New Orleans. She graduated from Louisiana State University with both her bachelor's and master’s degrees. Deborah's specialty is in the deposit side of the financial institution where she teaches seminars on regulations, documentation, insurance and Individual Retirement Accounts.