Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that removes the requirement for U.S. Companies and U.S. persons to report the Beneficial Ownership Information (BOI) required under the Corporate Transparency Act (CTA).

FinCEN announced that it will no longer require domestic companies to report BOI but will continue to require foreign companies to complete the reporting. Companies formed under the laws of a foreign country that have registered to do business in any U.S. State or Tribal jurisdiction will continue to be required to report BOI, unless that company satisfies the requirements for an exemption. Reporting foreign companies will have thirty (30) days from the date of the interim final rule’s publication in the Federal Register to report BOI. 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.