December 2022
KPMG Insight. FinCEN’s second of three rulemaking announcements on beneficial ownership looks to establish rules for who may access beneficial ownership information (BOI), for what purposes, and the safeguards that are required to ensure the information is secured and protected. As proposed, the circumstances under which BOI may be disclosed would vary by recipient and include:
- Federal agencies (for national security, intelligence or law enforcement activities);
- State, local, tribal, and foreign governments (with court authorization); and
- Financial institutions (to support customer due diligence (CDD) requirements, and also for the regulators supervising them).
FinCEN proposal on beneficial ownership information access
Proposal to establish who may access, for what purposes, and necessary safeguards; second of three related proposals
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Financial Crime: FinCEN proposal on beneficial ownership information access
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Amy S. Matsuo
Principal, U.S. Regulatory Insights & Compliance Transformation Lead, KPMG LLP
John Caruso
Principal, Forensic, KPMG US