Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN u

Only foreign companies that have registered to do business in the U.S. will be required to comply with the CTA. 

Foreign entities meeting the new definition of a “reporting company” who do not qualify for an exemption from the reporting requirements must report their BOI to FinCEN under new

deadlines. These foreign entities, however, will not be required to report any U.S. persons as beneficial owners.  U.S. persons will not be required to report BOI with respect to any such entity for which they are a beneficial owner. 

The amended deadlines applying to foreign entities that are reporting companies are as follows:

• Reporting companies registered to do business in the United States before March 21, 2025, must file BOI reports no later than 30 days from that date.

• Reporting companies registered to do business in the United States on or after March 21, 2025, have 30 calendar days to file an initial BOI report after receiving notice that their registration is effective.