Agencies issue statement for banks on the issuance of the beneficial ownership information access and safeguards rule
ALEXANDRIA, VA (December 21, 2023) — The National Credit Union Administration joined with the U.S. Department of the Treasury’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 (the “Access Rule”).
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.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.
