FinCEN Requests Comments on the Proposed Report to Collect Beneficial Ownership Information from Reporting Companies

On January 17, 2023, the Financial Crimes Enforcement Network (FinCEN) will publish a Paperwork Reduction Act notice (the “notice”) seeking comment on the mechanism that FinCEN proposes to use to collect beneficial ownership information from reporting companies as set out in the Beneficial Ownership Information Reporting Requirements final rule (the “rule”). The rule requires reporting companies to report information to FinCEN about: (1) the reporting company; (2) the individual beneficial owners of the reporting company; and (3) individuals who have filed an application with specified governmental authorities to create a domestic reporting company or register a foreign reporting company to do business in the United States. The notice gives the public an opportunity to comment on:(1) the report that FinCEN proposes to require reporting companies to use to report that information; and (2) FinCEN’s estimate of the burden involved in preparing and submitting that report. 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