BOI UPDATE: FinCEN Announces Pause on Enforcement
In a March 2, 2025 press release, the Department of the Treasury announced that it will not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines and will not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners.
In addition, the Treasury Department stated that it will be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.
At this time, it remains to be seen how any new rule will be impacted by ongoing litigation concerning the Corporate Transparency Act (CTA) or proposed legislation (HR 736) that would extend deadlines to January 1, 2026. As a result, we continue to recommend that all reporting companies continue to monitor future developments around the CTA.
