FinCEN Publishes Proposed Rule Providing 90 Days for Companies Created On or After January 1, 2024 to Report Their Beneficial Ownership Information
The Financial Crimes Enforcement Network (FinCEN) published a proposed rule to amend its beneficial ownership reporting rule to extend the filing deadline for certain beneficial ownership reports. Under FinCEN’s “Reporting Rule,” entities created or registered on or after the rule’s effective date of January 1, 2024 are currently required to file initial reports with FinCEN within 30 days of notice of their creation or registration. This new 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 necessary information to complete the filing.” Entities created or registered on or after January 1, 2025 would have 30 days to file their beneficial ownership reports with FinCEN, in line with the existing Reporting Rule requirements. Moreover, the new proposal does not impact the January 1, 2025 filing deadline for entities created or registered before the Reporting Rule’s January 1, 2024 effective date.
SWACCA has been deeply engaged on FinCEN’s beneficial ownership rulemaking, including securing provisions in the initial rulemaking implementing the beneficial ownership reporting regime that ensured many SWACCA members and affiliates will be exempt from reporting their beneficial owners. SWACCA has also been advocating to ensure the beneficial ownership database can be used to pursue misclassification investigations.
Comments on this proposed rule will be due by Monday, October 30, 2023 and can be submitted here using OMB Control Number 1506-0076.
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