FTA, Coalition Members Request Clarification on New FinCEN Beneficial Ownership Guidance
The Financial Technology Association (FTA) joined a coalition letter to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) requesting guidance and clarification on new requirements set to be implemented by the Corporate Transparency Act (CTA) on January 1, 2024.
The letter asks that FinCEN take steps, ahead of the CTA’s implementation date, to assist reporting company intermediaries in submitting Beneficial Ownership Information reports, provide guidance to help intermediaries assist individuals as they obtain, update, or correct a FinCEN identifier via the beneficial ownership portal, and clarify the certification requirements when third-party service providers file CTA reports on behalf of reporting companies.
The Financial Technology Association (FTA) is a Washington, DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.
FTA, Coalition Members Request Clarification on New FinCEN Beneficial Ownership Guidance
The Financial Technology Association (FTA) joined a coalition letter to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) requesting guidance and clarification on new requirements set to be implemented by the Corporate Transparency Act (CTA) on January 1, 2024.
The letter asks that FinCEN take steps, ahead of the CTA’s implementation date, to assist reporting company intermediaries in submitting Beneficial Ownership Information reports, provide guidance to help intermediaries assist individuals as they obtain, update, or correct a FinCEN identifier via the beneficial ownership portal, and clarify the certification requirements when third-party service providers file CTA reports on behalf of reporting companies.
Read the coalition letter here.
ABOUT US
The Financial Technology Association (FTA) is a Washington, DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.