FinCEN Issues Final Rule on Beneficial Ownership Reporting

Summary

FinCEN is issuing a final rule to specify when and how entities required to report beneficial ownership information may use a FinCEN identifier to report related entities, amending the Beneficial Ownership Information Reporting Requirements Rule as part of the Corporate Transparency Act, enacted as part of the Anti-Money Laundering Act of 2020 and the National Defense Authorization Act for Fiscal Year 2021.