Davis Polk partner Dan Stipano was quoted in Thomson Reuters Regulatory Intelligence on FinCEN’s beneficial ownership registry and the changes made to the proposed access rule. The final rule, issued by the U.S. Treasury Department, significantly expands financial institutions and other entities’ ability to access the information contained on the beneficial ownership registry.

Dan highlighted that FinCEN’s responsiveness to industry concerns about the proposed access rule was noteworthy. “My main takeaway is that FinCEN paid close attention to the comments it received on the proposed rule and made changes in line with those comments that significantly improve the final rule,” he explained. “All of these changes are important to financial institutions and will greatly enhance their ability to use the data for BSA compliance purposes.”

“MSBs, casinos, and other financial institutions eligible to access beneficial ownership registry under final rule,” Thomson Reuters Regulatory Intelligence (December 29, 2023) (subscription required) 

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