In the latest on the Corporate Transparency Act, last Friday, March 21, 2025, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”), the agency charged with enforcing the CTA, issued a new interim final rule removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act.
FinCEN’s new interim final rule revises the definition of “reporting company” to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office.
As the name “interim final rule” indicates, it’s possible that there will be changes between the interim final rule issued on March 21 and the eventual “final rule”—FinCen is currently accepting comments from the public.
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