A recent interim final rule&nbsp;from the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCen)&nbsp;significantly narrows the scope of the Corporate Transparency Act (CTA), which was enacted on Jan. 1, 2021, to enhance financial transparency and strengthen anti-money laundering efforts.&nbsp;The interim rule narrows the existing beneficial ownership information (BOI) reporting requirements under the CTA to require only entities previously defined as “foreign reporting companies” to report BOI. Entities previously defined as “domestic reporting companies” are exempted from the reporting requirements and do not have to submit BOI to FinCen or update or correct BOI previously reported to FinCen. With limited exceptions, the interim final rule does not change the existing requirement for foreign reporting companies to file BOI reports. This rule is effective March 26, 2025. Comments must be received by May 27, 2025.

U.S.: Financial Crime Enforcement Rules

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U.S.: Financial Crime Enforcement Rules

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