Beneficial Ownership Secure Systems (BOSS)
Investment ID: 015-000200412
Overview
Program Title
Beneficial Ownership Secure Systems (BOSS)
Description
FinCEN's Beneficial Ownership Secure System investment supports is a critical part of Treasury's priority effort to implement the Corporate Transparency Act (CTA) provisions within the Anti-Money Laundering Act (AMLA) of 2020. As a result of this investment, FinCEN will be in a position to collect, store, secure, provide access to and maintain the information obtained from the CTA, which contains new requirements that require certain corporations, limited liability companies and similar entities to disclose information on their beneficial owners to FinCEN and for FinCEN in turn to manage appropriate disclosures of this information to authorized entities.
Type of Program
Major IT Investments
Multi-Agency Category
Not Applicable
Investment Detail
This investment is congressionally mandated. On January 1, 2021, Congress enacted the FY2021 National Defense Authorization Act (NDAA), which included significant reforms to the U.S. anti-money laundering (AML) regime. The NDAA includes the Anti-Money Laundering Act of 2020 (AML Act) and, within the AML Act, the Corporate Transparency Act (CTA). These Acts bolster the national security mission and global impact of the U.S. Department of the Treasury, FinCEN, and the broader U.S. Government.
The CTA establishes uniform beneficial ownership reporting requirements for corporations, limited liability companies, and other legal entities formed or registered to do business in the United States. The legislation also mandates that FinCEN collect and share this information with authorized government authorities and financial institutions, subject to effective safeguards and controls. This investment allows FinCEN to deploy and maintain a series of new capabilities to FinCEN's technical environment to collect and appropriately share Beneficial Ownership information.
The Beneficial Ownership Secure Systems capabilities will expand the information available to FinCEN for the purposes of analysis of illicit financial activities; for other Federal agencies engaged in national security, intelligence, or law enforcement activity; for Federal regulators engaged in supervision and compliance; and state, local, and Tribal organizations authorized by the court to seek the information.
The CTA establishes uniform beneficial ownership reporting requirements for corporations, limited liability companies, and other legal entities formed or registered to do business in the United States. The legislation also mandates that FinCEN collect and share this information with authorized government authorities and financial institutions, subject to effective safeguards and controls. This investment allows FinCEN to deploy and maintain a series of new capabilities to FinCEN's technical environment to collect and appropriately share Beneficial Ownership information.
The Beneficial Ownership Secure Systems capabilities will expand the information available to FinCEN for the purposes of analysis of illicit financial activities; for other Federal agencies engaged in national security, intelligence, or law enforcement activity; for Federal regulators engaged in supervision and compliance; and state, local, and Tribal organizations authorized by the court to seek the information.