Fact Sheet: Beneficial Ownership Information Access and Safeguards Final Rule

In view of the finalization of the „access rule“ as regards access to FinCEN’s database on beneficial ownership information (BOI) (EventID 24631), the Financial Crimes Enforcement Network has published a corresponding fact sheet. The fact sheet outlines the key provisions of the final rule with respect to the following:
(1) the background of the final rule and the regulatory framework;
(2) recipients that will be granted access to the BOI database;
(3) requirements that institutions, government agencies, and bodies must fulfill in relation to data security and confidentiality;
(4) permissible re-use of information retrieved from the database; and
(5) penalties for violations of the access rule.
The fact sheet also presents the way forward in this matter and outlines the implementation steps involved to ensure comprehensive access to BOI by all eligible parties.
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Please note in this context that we refrain from providing further details at this point to avoid redundancy in light of the summary we have provided in the noted Event.