FinCEN proposes extending deadline for filing beneficial owner info

The Financial Crimes Enforcement Network issued a proposal to extend the deadline for certain reporting companies to file their initial beneficial ownership information reports.

Details: FinCEN is proposing to amend its final BOI reporting rule to provide 90 days for reporting companies created or registered in 2024 to file their initial reports, instead of 30 days. Reporting companies created or registered before Jan. 1, 2024, would still have until Jan. 1, 2025, to file their initial BOI reports, and entities created or registered on or after Jan. 1, 2025, would have 30 days to file.

Background: FinCEN’s BOI reporting rule requires most U.S. corporations, limited liability companies, and other entities to report to FinCEN information about their beneficial owners—those who ultimately own or control the company. The rule enacts provisions of the Corporate Transparency Act, which passed as part of the Anti-Money Laundering Act.

ICBA View: ICBA has repeatedly called on FinCEN to withdraw beneficial ownership requirements for banks now that it is required to collect this information directly from reporting companies, including in a written statement to Congress and a comment letter to the agency earlier this year.

Deadline: Comments on FinCEN’s new proposal are due by Oct. 30.