Clifford Chance

FinCEN removes beneficial ownership reporting requirements for US companies and persons and issues new deadlines for foreign reporting companies

March 31, 2025

FROM MILLIONS DOWN TO THOUSANDS OF REPORTING ENTITIES

We continue to track the latest developments with respect to implementation of the Corporate Transparency Act.

On March 26, 2025, the Financial Crimes Enforcement Network published an Interim Final Rule significantly narrowing CTA reporting requirements. Specifically, the Interim Final Rule exempts domestic reporting companies from reporting beneficial ownership information and extends the CTA's BOI reporting deadlines. Consequently, rather than applying to FinCEN's previously estimated 30+ million legal entities, the rule will now only apply to less than 12 thousand entities per year on average.

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