Question of the Week: BOI Program is Back In Effect

Posted: Feb 21, 2025 | Author: Cornerstone Compliance Team

Beneficial Ownership Information Consumer Transparency Act

Question:

I heard that the Beneficial Ownership Information (BOI) requirements under the Currency Transparency Act were put on hold. What is the status of the BOI Program now?

Answer:

Beneficial ownership reporting requirements are back in effect, with a new deadline of March 21, 2025, for most companies. Subject to applicable court orders, BOI reporting is now mandatory, but FinCEN is providing additional time for companies to report.

FinCEN will assess its options for further modifying deadlines.

For more info, see notice and https://fincen.gov/boi.