The Access Rule is the second of three rulemakings planned to implement the CTA. FinCEN will next engage in a third rulemaking to revise FinCEN’s customer due diligence rule, consistent with the requirements of the CTA. The Access Rule does not make any changes to FinCEN’s customer due diligence rule.
Consistent with its obligations under the Paperwork Reduction Act, FinCEN will publish in the Federal Register for public comment the forms that State, local, and Tribal law enforcement agencies and financial institutions will fill out to obtain BOI from FinCEN.
FinCEN will develop compliance and guidance documents to assist authorized users in complying with this rule.
Source: www.fincen.gov
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