US Federal agencies clarify beneficial ownership information access

FinCEN has issued a final rule, the “Access Rule,” on authorised access to beneficial ownership information (BOI) reported under the Corporate Transparency Act. The Access Rule doesn’t make it mandatory for banks to use the BOI from the system, nor does it expect them to do so. This means banks don’t have to alter their existing BSA/AML compliance programs, including the current CDD Rule and other BSA requirements…