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B-334662 Oct 17, 2022 1 (2022-10-17)

handle is hein.gao/gaontq0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-334662 October 17, 2022 The Honorable Sherrod Brown Chairman The Honorable Patrick J. Toomey Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Department of the Treasury, Financial Crimes Enforcement Network: Beneficial Ownership Information Reporting Requirements Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Financial Crimes Enforcement Network (FinCEN) entitled Beneficial Ownership Information Reporting Requirements (RIN: 1506-AB49). We received the rule on September 30, 2022. It was published in the Federal Register as a final rule on September 30, 2022. 87 Fed. Reg. 59498. The effective date is January 1, 2024. According to FinCEN, this final rule requires certain entities to file with FinCEN reports that identify two categories of individuals: the beneficial owners of the entity, and individuals who have filed an application with specified governmental authorities to create the entity or register it to do business. According to FinCEN, this final rule implements section 6403 of the Corporate Transparency Act, enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021, and describes who must file a report, what information must be provided, and when a report is due. Corporate Transparency Act, Pub. L. No. 116-283, § 6403, 134 Stat. 4604, 4605 (Jan. 1, 2021). FinCEN has stated that these requirements are intended to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, while minimizing the burden on entities doing business in the United States. Enclosed is our assessment of FinCEN's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to

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