On Friday, March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) released a statement that it was, “… issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.” You can access the formal press release by FinCEN here.

Moving forward, please note the following:

• U.S. entities and their beneficial owners are not required to file Beneficial Ownership Information Report (“BOIR”).
• Foreign entities that meet the new definition of “reporting company” and do not qualify for an exemption from the reporting requirements must report their beneficial ownership information to FinCEN.
• Foreign entities are not required to report any U.S. persons as beneficial owners, and U.S. persons are not required to provide such information to any foreign reporting entity of which they are a beneficial owner.

As FinCEN is anticipating that this ruling will be finalized this year, we will continue to monitor the situation and keep you informed.