Friday, January 20, 2023
Herrick K. Lidstone has posted The Federal Corporate Transparency Act: More Answers are Proposed on SSRN. Here is the abstract:
In December 2022, FinCEN proposed a second set of rules regarding access by authorized persons to the BOI reports. The proposed regulations would implement the protocols to protect the security and confidentiality of the BOI as required by the CTA to protect sensitive personal identifiable information (“PII”) reported to FinCEN in the BOI reports. The NPRM explains the circumstances in which specified recipients would have access to BOI and outlines data protection protocols and oversight mechanisms applicable to each recipient category.
It is intended that the disclosure of BOI to authorized recipients in accordance with appropriate protocols being defined by FinCEN and with some additional oversight will help law enforcement and national security agencies prevent and combat money laundering, terrorist financing, tax fraud, and other illicit activity, as well as protect national security.