News & Analysis as of July 29, 2025

Final Rules

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

Agencies allow banks to access tax ID numbers from third parties

Orrick, Herrington & Sutcliffe LLP on 7/7/2025

On June 27, the OCC, FDIC and NCUA, with the concurrence of FinCEN, granted an exemption allowing banks to use a third party source to obtain customer tax identification numbers (TIN) for customers before opening an account....more

FinCEN Issues Final Rule Establishing Beneficial Ownership Reporting Requirements Under CTA

White and Williams LLP on 7/11/2023

On September 29, 2022, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule (the Final Rule) establishing beneficial ownership information reporting requirements for non-exempt business...more

Beneficial Ownership Information Final Rule Affects Banks and Credit Unions

Harris Beach Murtha PLLC on 10/20/2022

On September 29, 2022, the Financial Crimes Enforcement Network (FinCEN) issued the first of three final rules implementing the Corporate Transparency Act’s beneficial ownership information (BOI) requirements. The aim of the...more

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FinCEN › Credit Unions › Final Rules

Agencies allow banks to access tax ID numbers from third parties

FinCEN Issues Final Rule Establishing Beneficial Ownership Reporting Requirements Under CTA

Beneficial Ownership Information Final Rule Affects Banks and Credit Unions

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