Federal Register #1506-AB67

FinCEN Final Rule: Beneficial Ownership Information Reporting Exemptions

This opportunity involves a regulatory update, not a procurement action. - Government Buyer: - Department of the Treasury - Financial Crimes Enforcement Network (FinCEN) - No OEMs or vendors are involved, as this is not a purchase or contract opportunity - No products or services are being requested - Key Details: - Final rule revises beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) - Reporting companies are now exempt from reporting BOI of U.S. person beneficial owners - U.S. person beneficial owners and company applicants are exempt from providing or updating BOI to FinCEN - No purchase quantities, part numbers, or technical product requirements are included - This is a regulatory change, not a solicitation for goods or services

Description

The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule to adopt with limited changes the interim final rule that narrowed beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA). The rule exempts reporting companies from reporting the BOI of U.S. person beneficial owners and exempts U.S. person beneficial owners from providing BOI to reporting companies. It also exempts reporting companies from submitting information about their U.S. person company applicants to FinCEN and exempts U.S. person company applicants from providing their information. Additionally, all U.S. persons are exempt from updating information already provided to FinCEN in connection with obtaining a FinCEN identifier (FinCEN ID).

View original listing