On January 30, 2024, FinCEN issued a notice and request for comments on the proposed information collection associated with requests made to FinCEN, by certain persons, for beneficial ownership information, consistent with the requirements of the Beneficial Ownership Information Access and Safeguards final rule. The BOI Access Rule implements CTA's strict data protection rules for sensitive personal information sent to FinCEN.
The notice seeks comment only on the burden for the information collection associated with BOI requests, which corresponds to the burden associated with submitting written certification for each request to make sure such requests meet certain requirements. The notice includes FinCEN's estimates of the burden to state, local and tribal law enforcement agencies, and for financial institutions. It also seeks comments on the proposed data fields to be submitted by authorized recipients.
FinCEN also intends to provide additional detail regarding the form and manner of BOI requests for all categories of authorized recipients through specific instructions and guidance.
Comments will be accepted through April 1, 2024.
The Notice can be found here.