Beneficial Ownership Information Access and Safeguards

Forms and Documents

Document Name	Status
State, Local & Tribal agencies and SROs - Security and Confidentiality Requirement for Beneficial Ownership Information Form	Modified
Financial Institutions - Security and Confidentiality Requirement for Beneficial Ownership Information Form	Modified
1506-0077 BOI Access Request Form Supporting Statement 7.15.2024.docx Supporting Statement A	2024-07-25

IC Document Collections

IC ID	Document Title	Status
264050	State, Local & Tribal agencies and SROs - Security and Confidentiality Requirement for Beneficial Ownership Information Form	Modified
257396	Financial Institutions - Security and Confidentiality Requirement for Beneficial Ownership Information Form	Modified

ICR Details

OMB Control No: 1506-0077	ICR Reference No: 202406-1506-002
Status: Received in OIRA	Previous ICR Reference No: 202312-1506-001
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Beneficial Ownership Information Access and Safeguards
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 07/25/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	01/31/2027
Responses	15,934	15,934
Time Burden (Hours)	5,325,903	5,325,903
Cost Burden (Dollars)	0	0

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Abstract: FinCEN promulgated regulations regarding access by authorized recipients to beneficial ownership information (BOI) that will be reported to FinCEN pursuant to section 6403 of the Corporate Transparency Act (CTA), enacted into law as part of the Anti-Money Laundering Act of 2020 (AML Act), which is itself part of the National Defense Authorization Act for Fiscal Year 2021 (NDAA). These regulations are titled "Beneficial Ownership Information Access and Safeguards final rule" (the “BOI Access Rule”). The BOI Access Rule implements the strict protocols required by the CTA to protect sensitive personally identifiable information (PII) reported to FinCEN and establish the circumstances in which specified recipients have access to BOI, along with data protection protocols and oversight mechanisms applicable to each recipient category. The disclosure of BOI to authorized recipients in accordance with appropriate protocols and oversight will help law enforcement and national security agencies prevent and combat money laundering, terrorist financing, tax fraud, and other illicit activity, as well as protect national security. This information collection request is being submitted to incorporate the forms to collect information as required by the BOI Access Rule.

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Authorizing Statute(s): PL: Pub.L. 116 - 283 6403 Name of Law: Corporate Transparency Act
  

Citations for New Statutory Requirements: PL: Pub.L. 116 - 283 6403 Name of Law: Corporate Transparency Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 5995	01/30/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 59805	07/23/2024
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Financial Institutions - Security and Confidentiality Requirement for Beneficial Ownership Information	N/A	Beneficial Ownership Information Request
State, Local & Tribal agencies and SROs - Security and Confidentiality Requirement for Beneficial Ownership Information	N/A	Beneficial Ownership Information Request

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	15,934	15,934	0	0	0	0
Annual Time Burden (Hours)	5,325,903	5,325,903	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $77,241,584

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 07/25/2024

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