Morris, Nichols, Arsht & Tunnell LLP
MONTH-IN-BRIEF (May 2025)
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.
We were all there. It was the early 2020s—for some the “Roaring Twenties,” for others the “COVID Years.” Everyone had been pent-up in their home office and was looking to get out, make new friends, and be accepted by the F “IN” CEN crowd. Some said, “How’s that FinCEN Identifier Number going to look on you when you’re seventy?” and others gleefully retorted, “How are you going to feel when you are the only one in the retirement home without a ‘Number’?” But now it’s months later, and many are wondering how to have the “number” removed—and is it even possible?
As you will remember, “The CTA requires that FinCEN provide a unique identifier (FinCEN ID) upon request to: (1) an individual who provides FinCEN with the same information as is required from a beneficial owner or company applicant, and (2) any reporting company that has provided its BOI [beneficial owner information] to FinCEN. In certain instances, 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. 59498, 59524 (Sep. 30, 2022). But, importantly, any person possessing a FinCEN ID is also obligated to update their associated personal identifying information (“PII”) on file with FinCEN. CTA § 6403(a), 31 U.S.C. § 5336(b)(3)(A)(ii) (referencing § 5336(b)(2) and § 5336(b)(1)(D)).
