The Financial Crimes Enforcement Network (FinCEN) has announced that it will not impose fines or penalties on companies failing to file or update beneficial ownership information (BOI) reports by the current deadlines under the Corporate Transparency Act. This decision will remain in effect until an interim final rule is implemented, which will establish new deadlines.
"No fines or penalties will be issued, and no enforcement actions will be taken," FinCEN stated, emphasizing its commitment to easing regulatory burdens on businesses. The focus remains on ensuring BOI reporting for entities posing significant law enforcement and national security risks.
By March 21, 2025, FinCEN plans to release an interim final rule extending BOI reporting deadlines. This move aims to provide new guidance promptly while maintaining the usefulness of BOI for national security and law enforcement purposes.
Additionally, FinCEN seeks public feedback on possible changes to existing BOI reporting requirements. These comments will inform a notice of proposed rulemaking expected later this year. The goal is to reduce burdens on small businesses while ensuring BOI remains valuable for national security and intelligence operations.
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