FinCEN Proposes Delay for New Beneficial Ownership Reporting Deadline

The Treasury Department’s Financial Crimes Enforcement Network released a proposed rule this week that could delay the deadline for certain companies to comply with its new beneficial ownership information reporting requirements (see 2308160023). The agency is proposing to delay the deadline only for companies created or registered on or after the rule takes effect Jan. 1. The proposal would extend that filing deadline from “30 days to 90 days for entities created or registered on or after January 1, 2024, and before January 1, 2025, to give those entities additional time to understand the new reporting obligation and collect the necessary information to complete the filing,” FinCEN said. Entities created or registered on or after Jan. 1, 2025, would have 30 days to file their reports with FinCEN. Comments are due by Oct. 30.

The agency in August previewed the proposed extension (see 2308160023) to the new rules, which will require certain companies to file reports with FinCEN about their beneficial owners. Those reports will provide information to law enforcement and national security agencies as they look to prevent sanctioned parties and others from hiding money or property in the U.S.