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FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies

March 21, 2025 The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule exempting U.S. companies and persons from reporting beneficial ownership information (BOI), while requiring foreign entities registered to do business in the U.S. to report BOI under new deadlines. This rule redefines "reporting company" to include only foreign entities and exempts domestic entities from BOI reporting requirements.

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Treasury Announces Suspension of Enforcement of BOI Reporting Rule Against U.S. Citizens and Domestic Reporting Companies

March 3, 2025 The U.S. Treasury Department announced on Sunday that not only will it not enforce any penalties or fines associated with the beneficial ownership information (BOI) reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.

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