On November 7, the Financial Crimes Enforcement Network (FinCEN) issued a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about individual beneficial owners.
In response to commenter concerns that the reporting of entity FinCEN identifiers could obscure the identities of beneficial owners in a manner that might result in greater secrecy or incomplete or misleading disclosures, the final rule provides clear criteria that must be met in order for a reporting company to report an entity’s FinCEN identifier.
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