Regulatory AlertsAdded · Updated
SR 23-11: Interagency Statement for Banks on the Issuance of the Beneficial Ownership Information Access Rule
The Board of Governors of the Federal Reserve System, the FDIC, FinCEN, the NCUA, and the OCC issued an interagency statement clarifying banking organizations' obligations following the issuance of FinCEN's Beneficial Ownership Information Access Rule. The agencies specify that this rule does not create a new regulatory requirement for banks to access beneficial ownership information from FinCEN's system, nor does it impose a supervisory expectation that they do so. Consequently, the Access Rule does not necessitate changes to existing Bank Secrecy Act or anti-money laundering compliance programs, although any access to such data must still comply with the Corporate Transparency Act and the Access Rule's requirements.