FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines.
WASHINGTON, D.C. – FinCEN has announced that it will not issue any fines, penalties, or take any enforcement actions against companies for failing to file or update beneficial ownership information (BOI) reports under the Corporate Transparency Act by the original deadlines. No enforcement actions will be taken until the deadlines established in the newly issued interim final rule have passed. This decision aligns with the Treasury’s commitment to reducing regulatory burdens on businesses while prioritizing the reporting of BOI for entities that pose the most significant law enforcement and national security risks.
On March 21, 2025, FinCEN issued an interim final rule extending BOI reporting deadlines and providing additional guidance to affected businesses. The rule acknowledges the need for clarity while ensuring that BOI remains a valuable resource for national security, intelligence, and law enforcement purposes.
FinCEN has also opened a public comment period on potential revisions to existing BOI reporting requirements. These comments will be considered as part of a forthcoming notice of proposed rulemaking, anticipated later this year, aimed at minimizing burdens on small businesses while maintaining the integrity of BOI reporting.
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