AmBA Calls for Banker Feedback on Beneficial Ownership Database
April 28, 2021
As the Financial Crimes Enforcement Network prepares to create a new beneficial ownership registry, ABA is urging bankers to provide feedback on the procedures and standards FinCEN should incorporate.
Banks consistently cite Bank Secrecy Act/anti-money laundering compliance as one of the most costly and burdensome regulations they face. The new registry has the potential to simplify, streamline and strengthen the customer due diligence process, but banker input is critical at this early stage to ensure that registry will meet the needs of financial institutions and law enforcement and facilitate a seamless partnership to combat illicit finance in America.
As they craft their messages, bankers are urged to incorporate real-world examples that demonstrate how FinCEN’s proposal will affect their institution. ABA has create a members-only staff analysis of FinCEN’s recent advance notice of proposed rulemaking that bankers can reference when drafting their comments. Comments are due to FinCEN by May 5, 2021, and will be made public in accordance with federal rulemaking procedure.
Submit a comment letter to FinCEN.