FinCEN Delays Enforcement of Federal CTA
Per the notice below, the United States Financial Crimes Enforcement Network (FinCEN) is delaying enforcement of the federal Corporate Transparency Act (CTA) until it can issue regulations on it. This continues the strange saga of this law, which is back in effect with a current deadline of March 21, 2025 -- but a law is only as effective as its enforcement and FinCEN is delaying any enforcement at this time.
Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed.
