CTA and FinCEN - On Hold (for now)

Prior posts have detailed the saga of the Financial Crimes Enforcement Network (FinCEN) and the enforcement of the Corporate Transparency Act's reporting requirement for businesses. The uncertainty seems to have been put to rest, at least for now.

On March 26, 2025, FinCEN announced that it issued a final rule that eliminates the requirement for U.S. companies to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. This new rule changes the definition of "reporting company" to include only entities formed under the laws of a foreign country and that have registered to do business in the U.S.

As a result of this interim final rule, all U.S. entities and their beneficial owners are exempt from the requirement to report BOI to FinCEN.

Hopefully, we will not have any changes to these reporting requirements any time soon.