FinCEN Seeking Comments on Beneficial Ownership Reporting-Related Information Collection

The Treasury Department’s Financial Crimes Enforcement Network is seeking public comments on an information collection involving beneficial ownership information (BOI) reports. New FinCEN rules recently took effect that will require certain entities to report to the agency information about their beneficial owners, which could help U.S. authorities determine whether sanctioned parties or others are illegally hiding money or property in the U.S. (see 2401050023). The information collection specifically deals with a December FinCEN rule to allow financial institutions to access information from a newly created BOI database to help them conduct certain sanctions-related due diligence (see 2312210017). Comments are due April 1.