Treasury Announces Temporary Non-Enforcement of BOI Filing Requirements and Planned Permanent Exemption for Domestic Entities. #2

In early March, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced changes to the rules about who needs to report information about who owns US companies. Later in March, FinCEN issued an interim rule in late March, with a comment period that ran until May 27, 2025. The interim rule significantly narrows the prior BOI reporting requirements. Only entities previously defined as “foreign reporting companies” will be required to report beneficial ownership information. US persons who hold interests in foreign reporting companies are also exempted from reporting under the interim rule.

Many entities and organizations submitted comments to the interim rule.  While many supported the change, many others opposed the revision.Ban king industry commentators, although generally supportive, raised concerns about the additional obligations imposed on banks.

The next step will be for FinCEN to review and process the comments.  A final rule is expected before the end of the year.

The full Treasury press release may be found at: https://home.treasury.gov/news/press-releases/sb0038

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