FinCEN Update Regarding a New Interim Rule & Lack of Enforcement
Issue Date: February 28, 2025
The Financial Crimes Enforcement Network (FinCEN) recently announced that it will not issue any fines, penalties, or enforcement actions against reporting companies and owners for failure to file any Beneficial Ownership Information (BOI) reports by March 21, 2025. The Treasury Department also recently announced the suspension of enforcement at this time. as well. The Bureau announced that it will be issuing an interim final rule extending the BOI deadlines, and the rule also may further limit the scope of the rule to foreign owned companies and owners only.
For more information about the FinCEN update, please see here. For more information about the Treasury Announcement, please see here.
NAR will continue to provide you with updates and information related to the Corporate Transparency Act (CTA), and the Beneficial Ownership Information reporting rule.