News

On March 21, 2025, the Financial Crimes Enforcement Network (“FinCEN”) issued an interim final rule (the “Interim Final Rule”) removing the reporting requirements (“BOI Reports”) for U.S Companies and U.S. persons. This Interim Final Rule aligns with the Treasury Department’s March 2, 2025, announcement that they would not be enforcing penalties against U.S. citizens and domestic reporting companies for failure to file BOI Reports.

Under the new Interim Final Rule, only entities formed under the laws of a foreign country and that are registered to do business in the U.S. are defined as reporting companies (“Foreign Reporting Companies”). Further, the Interim Final Rule does not require Foreign Reporting Companies to disclose any beneficial owners that are U.S. persons, and U.S. persons are not required to complete BOI Reports with respect to any Foreign Reporting Company for which they are a beneficial owner.

FinCEN is accepting comments on the Interim Final Rule, and intends to finalize it later this year.

For more information about the Corporate Transparency Act (“CTA”) and its requirements, please contact a member of our team, or see our prior alerts on the CTA.