On March 21, 2025, FinCEN issued an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. No penalties or fines will be enforced.

Only entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction must report BOI to FinCEN.

Foreign reporting companies registered to do business in the U.S. before March 26, 2025, must file BOI reports by April 25, 2025.

Foreign reporting companies registered to do business in the U.S. on or after March 26, 2025, have 30 calendar days to file an initial BOI report after receiving notice that their registration is effective.