GAO reviewed the Department of the Treasury, Financial Crimes Enforcement Network's (FinCEN) new rule entitled "Beneficial Ownership Information Reporting Requirements." GAO found that the final rule (1) 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; and (2) 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.
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 the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398.