FinCEN Publishes BOI Access Guide for Small Financial Institutions

Posted: Feb 21 2024

The Financial Crimes Enforcement Network has published a small entity compliance guide that provides an overview of the requirements regarding access to beneficial ownership information by small entities—in particular, small financial institutions authorized to access BOI. Under the access rule, BOI reported to FinCEN is confidential, must be protected and may be disclosed only to certain authorized federal agencies, governments and financial institutions. The guide includes sections summarizing the rule’s requirements that pertain to small financial institutions’ access to BOI.

To download the guide, visit: https://www.fincen.gov/sites/default/files/shared/BOI_Access_and_Safeguards_SECG_508C.pdf

To view FinCEN’s website, visit: https://www.fincen.gov/boi