On November 15, 2024 the Financial Crimes Enforcement Network (FinCEN) updated FAQs regarding (1) the agency’s approach to providing access to the beneficial ownership information (BOI) it is maintaining in its private database and (2) as to how a federal agency can request access to BOI.
The updated FAQs provide as follows:
Category O. Access to Beneficial Ownership Information
O.1. When will authorized recipients have access to beneficial ownership information?
FinCEN is taking a phased approach to providing access to beneficial ownership information (BOI).
- The first phase began in the spring of 2024 with a pilot program for a handful of Federal agency users.
- The second phase began in the late summer of 2024 with the extension of the opportunity to request access to Treasury offices and other Federal agencies engaged in law enforcement, national security, and intelligence activities that already have memoranda of understanding (MOU) for access to Bank Secrecy Act (BSA) information.
- The third phase, expected to begin in the fall of 2024, will extend the opportunity to request access to additional Federal agencies engaged in law enforcement, national security, and intelligence activities, as well as to State, local, and Tribal law enforcement partners.
- The fourth phase, expected to begin in the winter of 2024, will extend the opportunity to request access to intermediary Federal agencies in connection with foreign government requests.
- The fifth phase, expected to begin in the spring of 2025, will extend the opportunity to request access to financial institutions subject to customer due diligence requirements under applicable law and their supervisors.
FinCEN is currently accepting requests for access to BOI in the second phase. To learn how eligible Federal agencies can submit access requests, see Question O.2.
