What is a financial institution’s (FI) responsibilities as it relates to legal entities registering Beneficial Ownership information with FinCEN? Can we access the system now? Do we need to do anything differently?

Answer:

There have been no changes to the FI’s current requirements to obtain beneficial ownership information. The FAQs stated that FI’s are not currently required to access the beneficial ownership IT (BO IT) system. Access to the system is expected to be extended to FIs in the spring 2025. FinCEN intends to provide additional guidance relating to any supervisory expectations for those FIs that choose to access the system.