To Whom It May Concern:
The Bank Policy Institute[1] appreciates the opportunity to respond to the Financial Crimes Enforcement Network’s notice of proposed rulemaking[2] regarding access to, and safeguards for, beneficial ownership information (“BOI”) that will be reported to FinCEN pursuant to the Corporate Transparency Act(the “CTA”).[3]BPI has been and remains a strong supporter of ending the use of anonymous shell companies and continuing ongoing efforts to modernize the U.S. anti-money laundering/countering the financing of terrorism regime. BPI agrees, as recognized by Congress in the CTA, that uniform BOI reporting requirements are important to more effectively combat illicit finance and to further the purposes of the AML Act and the Bank Secrecy Act more generally.
In imposing uniform reporting requirements, Congress authorized various types of users to access the information reported to FinCEN and maintained in a secure information technology system, or registry. These users include law enforcement, national security and intelligence agencies, financial institution regulators and financial institutions, who may access the registry to facilitate compliance with applicable customer due diligence
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[1]The Bank Policy Institute is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ nearly 2 million Americans, make nearly half of the nation’s bank-originated small business loans and are an engine for financial innovation and economic growth.
[2] 87 Fed. Reg.77,404(Dec. 16, 2022).
[3] Pub. L. No. 116-283, Div. F, Tit. LXIV, 134 Stat. 4604(2021). The CTA was enacted as part of the Anti-Money Laundering Act of 2020(the“AML Act”). Pub. L. No. 116-283, Div. F, 134 Stat. 4547(2021).
