On Feb. 27, the Financial Crimes Enforcement Network (FinCEN) announced in a release that it will not issue any fines or penalties or take any other enforcement actions against any firms because of any failure to file or update beneficial ownership information (BOI) reports under the Corporate Transparency Act (CTA) by the current deadlines.

FinCEN said that no fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed.

This announcement continues  the Treasury Department’s commitment to reducing regulatory burden on businesses, as well as prioritizing under the CTA reporting of BOI for those firms that pose the most considerable law enforcement and national security risks.

No later than Mar. 21, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to offer new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence and law enforcement activities is reported.

FinCEN also plans to solicit public comment on possible revisions to existing BOI reporting requirements. FinCEN will consider those comments as part of a notice of proposed rulemaking expected to be issued later in 2025 to lessen the burden on small businesses while ensuring that BOI is highly useful to important national security, intelligence and law enforcement activities, as well to determine what, if any, modifications to the deadlines referenced in the release should be considered.