- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-12-16T15:24:00
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) released a notice of proposed rulemaking that outlines what agencies and entities should be allowed to access the beneficial ownership registry that is in the works.
The notice, posted on the Federal Register on Friday, proposes to limit access to the new beneficial ownership registry to certain federal agencies; state, local, and tribal law enforcement agencies that have received a court’s authorization; financial institutions with customer due diligence requirements; bank regulators supervising the due diligence activities of financial institutions; foreign law enforcement agencies, prosecutors, judges, and other agencies that meet specific criteria; and Treasury officers and employees. The registry will not be accessible to the public.
Written comments on the rule should be submitted to FinCEN in the next 60 days, the agency said Thursday in a press release.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
The reporting requirements of the beneficial ownership information registry being developed by the Financial Crimes Enforcement Network will likely be revised following harsh criticism from lawmakers and businesses.
The Financial Crimes Enforcement Network estimated it will cost reporting companies a total of $22.7 billion to comply with the requirements of the agency’s beneficial ownership registry in its first year.
Keeping up with increasingly demanding anti-money laundering expectations in 2023 will likely mean doing more with less and figuring out where and when is the best place to use technology to aid compliance, experts say.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
