Using a FinCEN Form

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How to Access Beneficial Ownership Information Using a FinCEN Form


Navigating the requirements for accessing Beneficial Ownership Information (BOI) can be challenging, especially when dealing with sensitive data managed by the Financial Crimes Enforcement Network (FinCEN). Whether you’re part of a Federal agency, a State regulatory body, or an international government entity, understanding how to correctly submit a FinCEN Form to request BOI is crucial.

Using a FinCEN Form

Federal Agencies and the FinCEN Form Process


For Federal agencies involved in national security, intelligence, law enforcement, or financial regulation, accessing BOI requires following specific procedures. The first step is entering into a formal agreement with FinCEN, often through a memorandum of understanding. This agreement ensures that the agency will properly secure and protect the confidentiality of the BOI obtained.
Once the agreement is in place, the agency can use a designated FinCEN Form to request access to the information. The phased rollout of BOI access means that eligible agencies will gradually gain the ability to request this sensitive data, so it’s important to stay informed about when your agency can begin submitting these forms.

State and Local Agencies: Submitting a FinCEN Form


State, local, and Tribal law enforcement agencies, as well as State financial regulators, can also request BOI through a FinCEN Form, provided certain conditions are met. These agencies must have legal authority to investigate or enforce laws, and they typically need a court order to support their request. The formal request process also involves securing a memorandum of understanding with FinCEN, ensuring the data’s security and confidentiality.
Using the appropriate FinCEN Form, these agencies can then request access to BOI for specific cases or regulatory purposes, making sure to adhere to all required legal protocols.

International Access: How Foreign Entities Use a FinCEN Form


Foreign governments looking to obtain BOI from FinCEN must work through U.S. Federal agencies. These requests are typically made for law enforcement, prosecution, or national security purposes. Depending on the circumstances, foreign entities can submit their requests through established international treaties or agreements, or by following a special approval process.
Although foreign entities cannot directly access the BOI database, they can submit a FinCEN Form through the appropriate channels, ensuring that their request is handled according to U.S. regulations and standards.

Preparing Your Agency for FinCEN Form Submission


Before submitting a FinCEN Form, it’s important to ensure that your agency has the proper systems in place to handle the sensitive information you’ll be requesting. This includes establishing security protocols, training personnel, and setting up secure storage systems for the BOI data. Additionally, agencies must maintain detailed records of all requests made using a FinCEN Form, ensuring compliance with FinCEN’s audit requirements.
Regular internal audits and cooperation with FinCEN’s oversight processes are essential to maintaining access and demonstrating your agency’s commitment to handling BOI securely and responsibly.

steps Using a FinCEN Form

Upcoming Access for Financial Institutions


Although financial institutions currently do not have direct access to the BOI system, FinCEN is planning to extend this access in the near future. Starting in the spring of 2025, these institutions, along with their regulators, will be able to use a FinCEN Form to request BOI, primarily to ensure compliance with customer due diligence requirements.
As this access becomes available, FinCEN will provide detailed guidance on how financial institutions can properly submit a FinCEN Form and what supervisory expectations will apply.