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FinCEN Issues Beneficial Ownership Info Access & Safeguards Rule

The National Credit Union Administration (NCUA) joined with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and other agencies to issue a joint statement to provide clarity for banks regarding FinCEN’s final rule on access to beneficial ownership information.

As explained in the joint statement, financial institutions subject to customer due diligence requirements are one category of authorized recipients to access beneficial ownership information. The Access Rule does not create new regulatory requirements or supervisory expectations for banks, unless banks decide to access and use beneficial ownership information.

Any access and use of beneficial ownership information must comply with the Corporate Transparency Act and FinCEN’s Access Rule requirements. As such, FinCEN’s Access Rule does not necessitate changes to Bank Secrecy Act/anti-money laundering compliance programs designed to comply with the existing Customer Due Diligence rule and other existing BSA requirements.

The joint statement was issued by FinCEN, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and State bank and credit union regulators.

Please see FinCEN’s press release on the Issuance of the Beneficial Ownership Information Access and Safeguards Rule for additional information.

Access the ‘Compliance Hotline’
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:

Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!

Additionally, other League-member compliance resources include:

  • ViClarity
  • CU PolicyPro
  • ComplySight
  • InfoSight
  • CU Store
  • Record Retention Guide
  • GRC Technology Solutions

For more information, email Lisa Quaranta.

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