FinCEN Eases BOI Reporting Rules for U.S. Businesses

In a significant shift on Friday, March 21, the Financial Crimes Enforcement Network
(FinCEN) has revised its Beneficial Ownership Information (BOI) reporting rules,
reducing compliance burdens for U.S. businesses. Under a new interim final rule, only
foreign entities are required to report BOI, while domestic companies are now exempt.

What’s Changing?

• U.S. businesses and individuals are no longer required to submit BOI reports to
  FinCEN.
• Foreign entities registered to operate in the U.S. still need to file BOI reports.
• Foreign companies do not have to disclose BOI for their U.S. owners.
• U.S. beneficial owners are not obligated to provide BOI to foreign companies.

Updated Deadlines for Foreign Entities

• Foreign entities that were previously expected to report by last Friday now have
  an extra 30 days to comply.
• Going forward, newly registered foreign entities must submit their BOI reports
  within 30 days of registration approval.

Next Steps

FinCEN is currently accepting comments on the new rule and plans to evaluate the
exemptions before issuing a final ruling later this year.