CTA Update: FinCEN Interim Final Rule on Beneficial Ownership Reporting
On March 21, 2025, the Financial Crimes Enforcement Network (“FinCEN”) announced the issuance of an interim final rule that significantly changes the reporting requirements for beneficial ownership information (“BOI”) under the Corporate Transparency Act (“CTA”). Here are the key takeaways: 1. Removal of BOI Reporting Requirement for U.S. Companies and Persons: FinCEN has removed the…
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