The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule specifying when companies can use preapproved FinCEN identifiers in lieu of information about an individual beneficial owner.

Allowing firms to use FinCEN identifiers could simplify reporting requirements ahead of the 1 January 2024 compliance deadline for the beneficial ownership programme, which requires reporting companies to file a report identifying information about an entity’s beneficial owners.

Information collected will be kept by FinCEN in a database with access restricted to approved government authorities and, in some circumstances, financial institutions.

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