The Financial Crimes Enforcement Network (FinCEN) has announced a temporary halt on penalties and enforcement actions related to Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). Until further notice, businesses will not face fines or compliance actions for failing to file or update BOI reports by the current deadlines, including the March deadline for many industries.

This pause will remain in effect until a forthcoming interim final rule is implemented, establishing new reporting deadlines. FinCEN plans to issue an interim final rule by March 21, 2025, which will formally extend BOI reporting deadlines and provide additional guidance. The agency also intends to seek public feedback on potential modifications to BOI reporting requirements. This input will inform a broader rulemaking process aimed at balancing national security needs with minimizing compliance burdens on small businesses.

ILMA members should stay alert for updates on the revised reporting framework and upcoming opportunities for public comment.