The Financial Crimes Enforcement Network (FinCEN) announced it will not issue fines or penalties or take other enforcement actions against companies for failing to file or update beneficial ownership information (BOI) reports under the Corporate Transparency Act by the current deadlines. This non-enforcement approach will remain in place until an interim final rule becomes effective and the revised due dates set out in that rule have passed. FinCEN intends to issue an interim final rule extending BOI reporting deadlines and providing additional guidance and clarity, while prioritizing BOI reporting for entities that pose the most significant law enforcement and national security risks. It also plans to solicit public comment on potential revisions to BOI reporting requirements, with the aim of reducing burden on small businesses while ensuring BOI remains highly useful for national security, intelligence, and law enforcement activities. FinCEN expects to issue the interim final rule no later than March 21, 2025. Comments gathered on potential revisions are expected to inform a notice of proposed rulemaking anticipated later in 2025, including consideration of whether any further modifications to the referenced deadlines are warranted.
Financial Crimes Enforcement Network 2025-02-27
Financial Crimes Enforcement Network pauses enforcement of Corporate Transparency Act beneficial ownership reporting deadlines pending interim final rule
FinCEN announced a temporary non-enforcement policy for companies not filing or updating beneficial ownership information (BOI) reports under the Corporate Transparency Act until an interim final rule is effective. FinCEN plans to extend BOI reporting deadlines and provide guidance, focusing on entities posing significant law enforcement and national security risks. Public comments will be solicited to inform potential revisions aimed at reducing burdens on small businesses while maintaining BOI utility for security and law enforcement.