Washington Report

Advocacy Updates from Washington D.C.

NAR Comments on FinCEN’s Beneficial Ownership Access Rule

Last week, NAR commented on the Financial Crimes Enforcement Network’s (FinCEN) Notice of Proposed Rulemaking (NPRM) Regarding Access to the Beneficial Ownership Information and Related Safeguards rule.

This rule will govern when beneficial ownership information may be disclosed to government officials, regulators, financial institutional and law enforcement. This rule is one of the three rules that FinCEN is required to develop and implement as part of the Corporate Transparency Act (CTA) that Congress passed in 2021. NAR continues to monitor anti-money laundering and counterterrorism matters, and will continue to keep you updated.