The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has revised its FAQs on beneficial ownership information reporting requirements on 15 November 2024.

These updates include changes to two specific FAQs regarding access to beneficial ownership information:

O. Access to beneficial ownership information

O.1. When will authorised recipients have access to beneficial ownership information?

FinCEN is taking a phased approach to providing access to beneficial ownership information (BOI).

• The first phase began in the spring of 2024 with a pilot program for a handful of Federal agency users.
• The second phase began in the late summer of 2024 with the extension of the opportunity to request access to Treasury offices and other Federal agencies engaged in law enforcement, national security, and intelligence activities that already have memoranda of understanding (MOU) for access to Bank Secrecy Act (BSA) information.
• The third phase, expected to begin in the fall of 2024, will extend the opportunity to request access to additional Federal agencies engaged in law enforcement, national security, and intelligence activities, as well as to State, local, and Tribal law enforcement partners.
• The fourth phase, expected to begin in the winter of 2024, will extend the opportunity to request access to intermediary Federal agencies in connection with foreign government requests.
• The fifth phase, expected to begin in the spring of 2025, will extend the opportunity to request access to financial institutions subject to customer due diligence requirements under applicable law and their supervisors.

O.2. I work at a Federal agency. How can my Federal agency request beneficial ownership information (BOI) from FinCEN?

In order to curb illicit finance, the Corporate Transparency Act authorises FinCEN to disclose BOI to Federal agencies engaged in national security, intelligence, or law enforcement activities, as well as Federal regulatory agencies that supervise financial institutions for compliance with customer due diligence requirements.

Before any Federal agency may receive access to BOI from FinCEN, it needs to first request access and enter into a memorandum of understanding (MOU) with FinCEN that describes how it will protect the security and confidentiality of the information. Additional information about making an agency request and entering into such a memorandum will be available when your Federal agency becomes eligible to obtain access to beneficial ownership information under the phased implementation timeline (see Question O.1). Federal agencies with access to BSA information can request access to BOI through their agency coordinator.

In the meantime, we encourage any Federal agency interested in accessing BOI to review the Beneficial Ownership Information Access and Safeguards Rule and become familiar with the rule’s requirements for accessing BOI.