FinCEN not issuing penalties for BOI reporting deadlines

The Financial Crimes Enforcement Network said it will not issue any fines or penalties or take any other enforcement actions against any companies based on failure to file or update beneficial ownership information reports by the current deadlines.

Details: FinCEN said no enforcement actions will be taken until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed. FinCEN said that no later than March 21 it intends to issue an interim final rule that extends BOI reporting deadlines.

Outreach: FinCEN said it also intends to solicit public comment on potential revisions to existing BOI reporting requirements.

Background: Following a recent court decision, FinCEN previously announced that beneficial ownership information reporting requirements were back in effect, with a new deadline of March 21 for most companies. The U.S. District Court for the Eastern District of Texas reversed a previous stay of FinCEN’s BOI regulations, allowing them to proceed pending further court orders.

ICBA View: ICBA has repeatedly called for FinCEN to withdraw the requirement that banks collect BOI.