FinCEN Ruling on Identifiers in Beneficial Ownership Reporting

Earlier this week on November 7, 2023, FinCEN issued a Final Rule on the use of FinCEN identifiers in Beneficial Ownership information reporting after commenters raised concerns that the previously proposed language could actually obscure the identities of beneficial owners. The Final Rule provides clear criteria on the use and reporting of an entity’s FinCEN identifier.

What is a FinCEN identifier?

A “FinCEN identifier” is a unique identifying number that FinCEN will issue to an individual or reporting company upon request after the individual or reporting company provides certain information to FinCEN. This identifier ay be used in place of personal information for individuals, beneficial owners, or company applicants. Each individual or entity may only receive on FinCEN identifier and is not required to obtain.

Reporting individuals or companies must notify FinCEN of any changes or corrections within 30 days of the change or the company is aware of an inaccuracy.

The full text of FinCEN’s final ruling can be found here.

Interested in learning more? Join us on December 5, 2023 for 2024 Changes to Beneficial Ownership Reporting with Stephanie Schumacher, CAMS.