ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
Home Compliance and Risk

FinCEN to exempt U.S. companies from beneficial ownership reporting

March 21, 2025
Reading Time: 1 min read
FinCEN issues guidance to help bank customers understand new BOI reporting rules

The Financial Crimes Enforcement Network today posted an interim final rule removing the requirement for U.S. companies and persons to report beneficial ownership information to the agency under the Corporate Transparency Act. FinCEN previously announced March 21 was the deadline for most affected businesses to report. The interim rule amends the existing reporting rule, and will be effective once it is published in the Federal Register.

The Treasury Department announced earlier this month that it will not enforce any penalties or fines against U.S. companies for failing to report BOI and instead propose new rulemaking. Under the interim rule, FinCEN revised the definition of “reporting company” to apply only to entities formed under the law of a foreign country and that have registered to do business in any U.S. state or tribal jurisdiction. However, foreign entities will not be required to report any U.S. persons as beneficial owners, and U.S. persons will not be required to report BOI with respect to any such entity for which they are a beneficial owner, according to the agency.

The interim rule exempts entities previously known as “domestic reporting companies” from BOI reporting requirements.

Foreign reporting companies registered to do business in the U.S. before the date of publication of the interim rule must file BOI reports no later than 30 days from that date, FinCEN said. Foreign reporting companies registered to do business in the U.S. on or after the date of publication of the rule have 30 calendar days to file an initial BOI report after receiving notice that their registration is effective.

FinCEN is accepting comments on this interim final rule and intends to finalize it later this year.

Tags: Anti-money launderingBeneficial ownershipFinCEN
ShareTweetPin

Related Posts

ABA highlights banker comments seeking stronger ‘know your customer’ rules for originating providers

Lawmakers propose banning SIM boxes used in scam calls

Compliance and Risk
October 5, 2026

A proposed bill would ban the sale and manufacturing of machines that help scammers disguise their phone calls and texts.

ABA DataBank: Services sector continues to expand

ABA DataBank: ISM Services Index down slightly in September

Economy
October 5, 2026

For banks, although price pressures remain, a strong services sector and a stable labor market should continue to support credit performance and consumer spending. 

ABA supports proposed updates to mutual bank regulations

Mutual Banks
October 5, 2026

A Federal Reserve push to “modernize” the mutual bank regulatory framework would make that framework more flexible and better suited to the distinctive structure and capital needs of mutual institutions, ABA said.

Fed, FDIC withdraw statements on managing risks for crypto

FinCEN withdraws proposals on crypto recordkeeping

Compliance and Risk
October 5, 2026

FinCEN is withdrawing two proposed rules that would have created new recordkeeping requirements for financial institutions for certain transactions involving convertible virtual currencies.

Fed releases agenda for upcoming conference on large bank capital requirements

Fed extends comment deadline for proposed updates to bank insider regulation

Compliance and Risk
October 2, 2026

The Federal Reserve has extended the comment period by a month for proposed changes to its regulation governing extensions of credit to bank “insiders,” such as board directors, executives and major shareholders.

Existing homes sales fell 4.3% in March 

ABA DataBank: Lock-in effect weighs on existing home sales

Economy
October 2, 2026

As mortgage rates rise, the “lock-in effect” is likely to intensify as more homeowners are discouraged from moving or buying another home, contributing to weaker existing home sales

NEWSBYTES

Lawmakers propose banning SIM boxes used in scam calls

October 5, 2026

ABA DataBank: ISM Services Index down slightly in September

October 5, 2026

ABA supports proposed updates to mutual bank regulations

October 5, 2026

SPONSORED CONTENT

The Shift from Demographic Marketing

The Shift from Demographic Marketing

October 1, 2026
Meeting Ag Lending Goals Without Going It Alone

Meeting Ag Lending Goals Without Going It Alone

October 1, 2026
Beyond the Portfolio: The Wealth Manager’s New Role in a Multigenerational World

Beyond the Portfolio: The Wealth Manager’s New Role in a Multigenerational World

September 17, 2026
Banking Technology at a Strategic Crossroads

Banking Technology at a Strategic Crossroads

September 8, 2026

PODCASTS

Podcast: Creating seamless customer experiences

September 30, 2026

Podcast: Telling a different kind of story about community banks

September 28, 2026

Podcast: Making the jump from a high performer to a high-performing leader

September 16, 2026

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2026 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2026 American Bankers Association. All rights reserved.