The Financial Crimes Enforcement Network extended the deadline for certain reporting companies to file their initial reports on beneficial ownership information.

Details: Reporting companies created or registered in 2024 will have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports. Reporting companies created or registered in 2025 will continue to have 30 calendar days to file their initial BOI reports.

ICBA View: ICBA last month expressed support for the agency’s proposal to extend the filing deadline to 90 days. ICBA also urged FinCEN to extend the 90-day reporting deadline to all entities created or registered in 2025 to promote needed flexibility and a more useful database.

Background: Starting Jan. 1, many U.S. companies will have to report information about their beneficial owners—the individuals who ultimately own or control the company.

More: ICBA has repeatedly called on FinCEN to withdraw beneficial ownership requirements for banks now that it is required to collect this information directly from reporting companies, including in a written statement to Congress and a comment letter to the agency earlier this year.