The Financial Crimes Enforcement Network announced an interim final rule that removes the requirement for U.S. companies and persons to report beneficial ownership information under the Corporate Transparency Act. FinCEN said that foreign entities must still report their BOI under the new deadlines.
Background: FinCEN’s announcement is consistent with the Treasury Department’s March 2 announcement, when it indicated it would be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.
ICBA View: ICBA has repeatedly called for FinCEN to withdraw the requirement that banks collect BOI.
