Following a court decision, the Financial Crimes Enforcement Network announced that beneficial ownership information reporting requirements are back in effect, with a new deadline of March 21 for most companies.
Latest Court Decision: The U.S. District Court for the Eastern District of Texas this week reversed a previous stay of FinCEN’s BOI regulations, allowing them to proceed pending further court orders.
Possible Exceptions: FinCEN said it will assess its options to further modify deadlines and prioritize reporting for entities that pose the most significant national security risks. FinCEN also reported that it intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many small businesses.
ICBA View: ICBA has repeatedly called for FinCEN to withdraw the requirement that banks collect BOI.
