Something that has sparked a lot of conversation surrounding the CTA has been the fact that people will be asked to disclose private/sensitive information about themselves. In order to build a proper network of information to combat money laundering, key identifying information and more may be needed. FinCen is still developing this, but in the future, they will issue more specifics within Section 6403 of the CTA.
Reporting Companies must disclose information about themselves including beneficial owners and company applicants. What is being discussed so far:
• Full Legal Name
• Date of Birth
• Current Business (or Residential) Address
• Unique Identifying Number from an Acceptable Document
Company Applicant – the person who first filed to form the business/entity. If the business/entity is providing reporting from a foreign country, it would be the person who first registered to do business in the United States.
Acceptable Document – FinCen worded this verbatim to what is found in 31 U.S.C. 5336(a)(1). Which is:
• A Non-Expired US Passport
• A Non-Expired ID issued by a State, local government, or Indian Tribe
• A Non-Expired Driver’s License issued by a State
• Or if none can be provided, a Non-Expired Passport from a foreign government
What kinds of identifying numbers can be used for filing CTA?
FinCEN has stated that having unique identifying numbers will be critical for enabling the unique identification of reporting companies from a database. They will require reporting companies to submit a Taxpayer Identification Number (TIN) including an Employer Identification Number (EIN) as well. If these have not yet been issued, the following may be used in its place.
The described alternative options for a unique identifying number would include:
• Dun & Bradstreet Data Universal Numbering System (DUNS)
• Legal Entity Identifier (LEI)
FinCen has expressed interest in creating its own unique identifying number, however, the possibility of using it for replacing other requirements has yet to be stated.
