FinCEN: Identifier Application Notice

On September 29, 2023, the Department of the Treasury, on behalf of the Financial Crimes Enforcement Network (FinCEN), will publish in the Federal Register a 30-day notice pursuant to the Paperwork Reduction Act of 1995 (PRA) for the FinCEN Identifier Application.

The 30-day notice seeks comment on the application that FinCEN intends to require individuals to use to obtain a FinCEN identifier, consistent with the final Beneficial Ownership Information Reporting Requirements Rule. Obtaining a FinCEN identifier is voluntary, but the rule requires those seeking to obtain a FinCEN identifier to complete an application and submit it to FinCEN and to update the information provided on the application.

Previously, FinCEN issued a 60-day notice for public comment on the FinCEN Identifier Application. FinCEN carefully considered all comments received, and the FinCEN Identifier Application set out in the 30-day notice reflects several changes made based on those comments.

The notice is being issued pursuant to the PRA and gives the public an opportunity to comment on: (1) the FinCEN Identifier Application that FinCEN intends to require individuals to use; and (2) FinCEN’s estimate of the burden involved in completing the application. The notice requests feedback on or before October 30, 2023. FinCEN encourages the public to review this notice and provide comment.

Federal Register Notice: https://www.federalregister.gov/public-inspection/2023-21325/agency-information-collection-activities-proposals-submissions-and-approvals-individual-fincen