Financial Crimes Enforcement Network (FinCEN) previously announced that Beneficial Ownership Information reporting requirements under the Corporate Transparency Act (CTA) are in effect, with an extended deadline of March 21, 2025.

Over the past week, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update Beneficial Ownership Information reports pursuant to the CTA by the current deadlines. While no enforcement actions will be taken and no fines or penalties will be issued at this time, our Firm continues to monitor developments concerning the CTA and to file the Beneficial Ownership Information reporting for clients. For more information or to discuss any questions you may have concerning your company and the CTA, please contact Joan Berg at [email protected] or at 312-648-2300.

Effective January 1, 2024, the CTA became a federal law affecting all corporations, limited liability companies, limited partnerships and other entities registered with the Secretary of State of the state of formation. The CTA requires all reporting entities to register their beneficial ownership with the Financial Crimes Enforcement Network (FinCEN) database before the end of this year. FinCEN is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.contact Joan Berg at [email protected] or call 312-648-2300.