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FinCEN Issues Interim Final Order – Beneficial Ownership Reporting No Longer Required for U.S. Entities and U.S. Persons; New Deadlines for Foreign Entities

The Financial Crimes Enforcement Network (“FinCEN”) has issued an interim final rule which effectively ends the obligations of U.S. companies to report their beneficial owners, and which limits the beneficial ownership reporting requirements for foreign entities, pursuant to the Beneficial Ownership Information Reporting Requirements (the “BOI Reporting Rule”) under the federal Corporate Transparency Act (“CTA”).

Corporate Transparency Act Beneficial Owner Information Reporting Requirements Take Effect on January 1, 2024 – What Business Entities Need to Know and Do

The federal government is imposing significant new reporting requirements on businesses throughout the United States. These requirements will take effect on January 1, 2024. It is critical that businesses and their owners and executives carefully evaluate whether they...