Lexington, KY — Last week, Congressman Andy Barr (KY-06) hosted U.S. Department of Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson, Financial Crimes Enforcement Network (FinCEN) Acting Director Him Das, local financial institutions, small business representatives, state regulators, and local, state, and federal law enforcement agencies for a discussion on financial security issues facing the financial services industry and FinCEN’s Beneficial Ownership Information (BOI) reporting rule.
This event enabled the U.S. Treasury Department, FinCEN, and participating stakeholders to discuss how public and private sector tools can be leveraged to protect individuals, businesses, consumers, and clients from financial crimes. Participants highlighted important concerns regarding the Corporate Transparency Act and how the newly updated BOI reporting requirements will specifically impact Kentucky’s financial institutions and small businesses.
"I would like to thank Undersecretary Nelson, Acting Director Das, and stakeholders in Kentucky for participating in this important event," said Congressman Barr. "Financial intelligence is the backbone of the safety of our financial system, protecting institutions from and granting law enforcement agencies the tools needed to catch malicious actors who work against our national security interests. This event will kickstart open dialogue between institutions, businesses, and law enforcement in the Commonwealth of Kentucky and federal financial intelligence agencies."
“I am thankful to Congressman Barr for bringing this important event together with stakeholders from the private sector and local law enforcement,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “Our partnership is vital to protect the people of Kentucky and across the United States by countering financial crimes such as the trafficking of fentanyl, and to minimize burdens on small businesses with the forthcoming beneficial ownership registry, which will be an important tool in keeping American businesses from being abused by illicit actors.”
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