United States of America: Financial Crimes Enforcement Network issued and opened consultation on interim final rule modifying beneficial ownership information reporting requirements under the Corporate Transparency Act

On 26 March 2025, the Financial Crimes Enforcement Network (FinCEN) issued and opened a consultation until 27 May 2025 on the interim final rule modifying beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA). The rule exempts domestic reporting companies from filing BOI reports, while foreign reporting companies must still comply, though they are no longer required to disclose details of United States persons who are beneficial owners. FinCEN extended the filing deadline for foreign entities to 30 days after the rule’s publication and is inviting public feedback before issuing a final version later this year. These adjustments aim to ease compliance burdens on US businesses while maintaining oversight of foreign entities to mitigate illicit finance risks. The rule took immediate effect.