Corporate Transparency Act enforcement halted

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced on Feb. 27 that it is halting enforcement of the Corporate Transparency Act while it revises compliance requirements. The agency is developing new regulations that are expected to narrow the scope of beneficial ownership information (BOI) reporting requirements. Businesses, including OMS practices, previously faced a March 21 reporting deadline. FinCEN now plans to issue an interim final rule by March 21 that extends BOI reporting deadlines and will solicit public comment on revisions to these reporting requirements. These comments could be used to develop further guidance issued later this year to minimize the burden on small businesses while ensuring that BOI is useful to national security, intelligence and law enforcement activities, with specific dates to be announced.