On December 21, 2023, the Financial Crimes Enforcement Network (FinCEN) issued the final Beneficial Ownership Access and Safeguards Rule governing who will have access to the beneficial ownership data collected by FinCEN.
The Access Rule provides law enforcement, national security agencies, and other related federal agencies with access to the data. Additionally, financial institutions and regulators will be able to access the data consistent Customer Due Diligence (CDD) requirements. The beneficial ownership data is subject to strict security and confidentiality requirements as mandated by the Corporate Transparency Act (CTA), and this Access Rule. The Access and Safeguards Rules is effective on February 20, 2024.
Check out the Federal Register for more information about the Access and Safeguard Rule. NAR will continue to provide updates and information about beneficial ownership information reporting and compliance obligations.