Fincen will not enforce the procedures of the Corporate Transparency Act – publications

The reporting on the Corporate Transparency Act (CTA) has recently been stopped, and the financial crime Enforcement Network (fincen) has set up a new registration deadline of March 21, 2025. On February 27, 2025, Fincen declaration has an explanation that there is no enforcement actions against companies that do not even meet this new registration, effectively with adaptation measures. Fincen also explained his intention to further extend the deadline and to further revise the scope of the existing rules in the coming months.

On February 18, 2025, the US district court for the eastern district of Texas remained its own decision in the reports on reporting on the CTA (BOI) of the CTA to remove the way for the enforcement of the CTA in order to continue immediately. In response to this, Fincen gave new guidelines that extend the deadline for submitting the first, updated or corrected BOI reports for most companies by March 21, 2025.

On February 27, 2025, Fincen published a press release, in which there was “no fines or punishments, or other assertiveness against companies that were held on to the failure of the failure to report or update the reports on property information (BOI) according to the Corporate Transparency Act from the current deadlines.” Fincen said that it intended to spend an interim final rule on March 21, 2025 at the latest in order to further extend the registration deadline and possibly change the scope of the existing rules.

Regardless of this, Fincen also stated that it intends to obtain public comments on potential revisions of the existing BOI reporting requirements and to take these comments into account as part of a message about the proposed regulation that is expected to be issued later this year to “minimize the burden for small companies, and that Boi is highly useful for important national security, intelligence and activities of the legal agencies. Accordingly, it is possible that the registration period for some companies will be set again on the basis of the preliminary rule, but before the proposed process of the regulation is completed. Finally, it is unclear what effects this will have on the separate legislative efforts in order to extend the reporting period by January 1, 2026 or whether this will avoid the need for further legal or executive measures.

Based on this announcement, compliance with the CTA registration periods was again voluntarily made. Companies would be highly recommended to delay the submission at least until the provisional final rule is published if potential changes to the requirements for the CTA registration and new deadlines are known.

We will monitor developments in connection with the provisional final rule, the public comment period, the notification of the proposed regulation and all other events relating to the CTA.