FinCEN announces no penalties for companies that fail to meet current CTA filing deadlines

The Financial Crimes Enforcement Network (“FinCEN”) announced, on February 27, 2025, that no fines or penalties will be imposed on companies that fail to file or update beneficial ownership information (“BOI”) reports by the Corporate Transparency Act’s (“CTA”) current deadlines.  FinCEN also announced that no other enforcement action will be taken against these companies until an interim final rule, with new BOI reporting dates, has been passed.  FinCEN intends to issue an interim final rule no later than March 21, 2025.  FinCEN also plans to solicit public comments regarding potential revisions to existing BOI reporting requirements – comments that will be considered as part of a notice of proposed rulemaking that FinCEN plans to issue later this year.

FinCEN Press Release