Updated FAQs on beneficial ownership information (BOI) from Treasury's Financial Crimes Enforcement Network (FinCEN) include details on the timing of the phase-in access to BOI under Section 6403 of the Corporate Transparency Act.
In the updated FAQs posted Thursday, April 22, FinCEN added a new section on BOI access, a subject that Congress focused on when Director Andrea Gacki testified in February before the House Financial Services Committee.
The Treasury Department said it will phase in access to BOI, beginning this spring with a pilot program for some federal agency users and concluding in spring 2025, when financial institutions with customer due-diligence requirements can review BOI. Read more.