Current Month (September 2025)
Look Who’s Talking Now: A Further Installment of How to Have “The Talk” About FinCEN Identifier Numbers
By William E. H. Quick, Polsinelli PC
An update on the Corporate Transparency Act saga, and the identification numbers that businesses and individuals registered with FinCEN.
In our May 2025 Month-in-Brief installment, we considered the ongoing implications of the limited enforcement of the CTA by the Financial Crimes Enforcement Network (“FinCEN”) as it relates to holders of FinCEN Identifier numbers.
More recently, on September 9, 2025, FinCEN Director Andrea Gacki, in addressing the U.S. House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, stated, in response to an inquiry from Congressman Roger Williams regarding FinCEN’s beneficial ownership secure system (“BOSS”) database data security and retention, that FinCEN intends, in the process of finalizing the Interim Final Rule this calendar year, to “delete any information that was filed that is no longer required to be filed.” See the video of the hearing beginning at time stamp 1:21:33 – 1:23:04.
Although this news makes those in the U.S. business community’s hearts flutter, the euphoria quickly subsides when faced with the practical question of how FinCEN will go about culling the BOSS. In particular, how will FinCEN determine and “know” if a FinCEN Identifier “is no longer required” to be filed, when, in fact, FinCEN Identifiers were never “required” to be filed in the first instance? They were offered as a streamlining option to facilitate the reporting process in association with other required BOI reporting.
As you will remember, “[t]he CTA requires that FinCEN provide a unique identifier (FinCEN ID) upon request . . . [and] beneficial owners, company applicants, and reporting companies may provide a FinCEN ID to a reporting company in lieu of providing required BOI.” 87 Fed. Reg. 59,498, 59,524 (Sept. 30, 2022).
Importantly, any person possessing a FinCEN ID is also obligated to update their associated personal identifying information (“PII”) on file with FinCEN. CTA § 6403(b)(3)(A)(ii); referencing CTA § 6403(b)(2) and CTA § 6403(b)(1)(D). Any individual that has obtained a FinCEN ID is required to update the current accuracy of any PII previously submitted to FinCEN in the FinCEN ID application. 31 C.F.R. § 1010.380(b)(4)(ii)(A)(1); 31 U.S.C § 5336(b)(3)(A)(ii)). Such an individual is required to file an updated application reflecting such change within thirty calendar days after the date on which such change occurs. Id. “FinCEN has clarified that individuals with a FinCEN ID shall make updates or corrections to their information by submitting an updated application for a FinCEN ID to FinCEN, subject to the same timelines and terms as updates or corrections to a BOI report by a reporting company.” 87 Fed. Reg. at 59,525.
Currently there is no mechanism to deactivate a FinCEN Identifier number. Further, the Interim Final Rule, which FinCEN is “finalizing” as its mechanism to delete no longer “required” information from the BOSS, did not address FinCEN Identifiers. It is unclear, procedurally and legally, whether FinCEN Identifiers may now, sua sponte, be included in the culling. As referenced in our prior installment, FinCEN stated that it “is actively assessing options to allow individuals to deactivate a FinCEN identifier so that they do not need to update the underlying personal information on an ongoing basis.” Although FinCEN promised to “provide additional guidance on this functionality upon completion of that process” (see FinCEN BOI FAQ M.6, issued Sept. 29, 2023), no guidance has been forthcoming. Time (and tactics) will tell.
