TBA Law Blog


Posted by: Azya Thornton on Mar 26, 2025

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) released an interim final rule on Friday, narrowing the scope of the Corporate Transparency Act (CTA). Under the new rule, U.S. companies are no longer required to submit Beneficial Ownership Information (BOI) reports, with the exception of foreign companies operating in the U.S. and their foreign beneficial owners. According to The National Law Review, this change significantly reduces the compliance burden, with FinCEN estimating a 99.8% reduction in the number of companies required to report. The rule follows a series of legal challenges to the CTA, including a suspension of enforcement earlier this month. FinCEN is soliciting comments from the public on the interim rule, noting it will assess requested exemptions as appropriate. A final rule is expected this year.