FinCEN (Financial Crimes Enforcement Network) has decided not to impose fines or penalties for not filing or updating beneficial ownership information (BOI) reports. BOI is the previously set requirements for
Beneficial Ownership Information Report (BOIR) is a federal requirement introduced under the Corporate Transparency Act (CTA) that mandates businesses to share ownership information.
FinCEN stated that “it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. 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. “
According to the FinCEN publication, “No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide 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.”