Financial Regulation News

FinCEN Grants Extension for 2024 Companies to File Beneficial Ownership Reports

The Financial Crimes Enforcement Network (FinCEN) has extended the deadline for reporting companies created or registered in 2024 to file their initial beneficial ownership information (BOI) reports. These companies will have 90 calendar days from the date of receiving notice to file their reports, with no submissions accepted before January 1, 2024. The extension aims to provide additional time for companies to understand the new regulatory obligation and gather the necessary information. Reporting companies created or registered before January 1, 2024, have until January 1, 2025, to file their reports, while those created or registered on or after January 1, 2025, have 30 calendar days to comply.