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International Trade Bulletin - Volume 1, Issue 17

Insights

Client Alert | 2 min read | 02.28.25

FinCEN Pauses Fines and Penalties for Non-Compliance with Beneficial Ownership Information Reporting Deadlines

We previously reported that the Corporate Transparency Act’s Beneficial Ownership Information Reporting Rule (BOI Rule) was back in effect as of February 18, 2025, with a stay of the final nationwide block to enforcement. At that time, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) extended the BOI Rule’s reporting deadline until March 21, 2025 (in cases where the originally-applicable deadline had expired) for entities required to report, which includes certain entities formed or registered to do business in the United States (Reporting Companies). ...