Mar. 26, 2025 US Treasury Reported Interim Final Rule
On Mar. 26, 2025, US Treasury reported the publication of FinCEN's interim final rule.
On Mar. 21, FinCEN suspended US beneficial ownership reporting.
FinCEN issued an interim final rule to narrow beneficial reporting requirements.
Rule entitled, Beneficial ownership information reporting requirement revision and deadline extension, makes amendments to 31 CFR 1010.380 to remove US entities.
Follows Mar. 2025 Treasury suspension of beneficial ownership enforcement, #245472.
Interim Final Rule
Rule removes the requirement for US companies and US persons to report beneficial ownership information (BOI) to FinCEN under the Corporate transparency act (CTA).
Revises definition of reporting company to mean only entities formed under the law of a foreign country that have registered to do business in any US State/Tribal jurisdiction
These entities were formerly known as foreign reporting companies; entities previously known as domestic reporting companies are exempted from any BOI requirements.
All entities created in the United States, and their beneficial owners will be exempt.
Foreign entities will not be required to report any US persons as beneficial owners.
US persons not required to report BOI for entity for which they are a beneficial owner.
Does not change the existing requirement for foreign reporting companies to file BOI reports, but it extends the deadline to file initial BOI reports, or to update or correct.
Deadlines
Reporting companies registered to do business in the US before the date of publication of the interim final rule must file BOI reports no later than 30 days from that date.
Those registered to do business in US on or after date of publication have 30 calendar days to file an initial BOI report after receiving notice that registration is effective.
Effectiveness
FinCEN intends to finalize rule; interim rule effective on publication in federal register.
Consultation
Comments on interim final rule due within 60 days of publication in federal register.
Mar. 26, 2025 Fed Reg Interim Final Rule
On Mar. 26, 2025, FinCEN issued interim final rule to narrow existing BOI reporting requirements under CTA in the federal register; rule is effective on Mar. 26, 2025.
Written comments on interim final rule must be received on or before May 27, 2025.
Mar. 26, 2025 US Treasury Reported Interim Final Rule
On Mar. 26, 2025, US Treasury reported the publication of FinCEN's interim final rule.
Regulators
FinCEN; US Treasury
Entity Types
B/D; Bank; Corp; IA; Ins; Inv Co
Reference
US Treasury: PR, 3/26/2025; FinCEN: 90 FR 13688, 3/26/2025; PR, RF, 3/21/2025; RIN 1506-AB49; CTA; Citation: 31 CFR 1010.380;
Functions
AML; Compliance; Financial; Legal; Operations; Record Retention; Registration/Licensing; Reporting; Treasury
