Statement on Beneficial Ownership Access Rule

“We welcome today's announcement from FinCEN regarding the final access rule for the new beneficial ownership registry. The important revisions in this rule will allow banks to access the registry as envisioned by Congress in the Corporate Transparency Act. Although many important details remain to be determined as FinCEN continues its implementation work, the final rule for accessing the database includes a number of ABA recommended changes. These improvements will help enable the registry to deliver on its promise of providing law enforcement and financial institutions with highly useful information, the true owners of businesses. This information will make it harder for criminals, terrorists and other bad actors to access the U.S financial system and do harm to our country. We appreciate FinCEN's willingness to work constructively with the industry to improve the final rule, and we will continue to do our part to make this effort a success and make life tougher for illicit actors."

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $24.2 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.1 trillion in deposits and extend $12.6 trillion in loans.

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