FinCEN Requests Comments on the Proposed Application that Individuals Will Use to Obtain a FinCEN Identifier in Connection with the Beneficial Ownership Information Reporting Requirements

On January 17, 2023, the Financial Crimes Enforcement Network (FinCEN) will publish a Paperwork Reduction Act notice (the “notice”) seeking comments to the application that FinCEN proposes to require individuals to use to obtain a FinCEN identifier, consistent with the Beneficial Ownership Information Reporting Requirements final rule (the “rule”).  Obtaining a FinCEN identifier is voluntary.  The rule, however, requires individuals who seek to obtain a FinCEN identifier to complete the application and submit it to FinCEN, and to update the information provided on the application as required by the rule. 

The notice gives the public an opportunity to comment on: (1) the FinCEN identifier application that FinCEN proposes to require individuals to use; and (2) FinCEN’s estimate of the burden involved in completing the application. The notice requests feedback on or before March 20, 2023. FinCEN encourages the public to review this notice and provide comment.

Financial Crimes Enforcement Network (FinCEN) Notice