On March 2, 2025, the U.S. Department of the Treasury (“Treasury Department”) announced “with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.”

In addition, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) announced on February 27, 2025 that “[n]o later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines” and that “it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failures to file or update beneficial ownership information reports pursuant to the Corporate Transparency Act by the current deadlines.”

Reporting companies should stay apprised of further developments and can do so by reviewing news updates and press releases on FinCEN’s website located at www.fincen.gov/boi and the Treasury Department’s website located at https://home.treasury.gov/news/press-releases.

FinCEN’s full notice dated February 27, 2025 may be accessed at the following link: FinCEN February 27, 2025 Notice. The Treasury Department’s full notice dated March 2, 2025 may be accessed at the following link: Treasury Department March 2, 2025 Notice.