News Detail

White House Concludes Review of FinCEN Proposed Rule to Extend the Deadline for Companies Created on or after January 1, 2024 to Report Their Beneficial Ownership Information

Over the weekend, the White House Office of Information and Regulatory Affairs (OIRA) concluded its review of a proposed rule from the Financial Crimes Enforcement Network (FinCEN) entitled, “Beneficial Ownership Information Reporting Deadline Extension for Reporting Companies Created or Registered in 2024.”  This proposed rule would extend the 30-day deadline for entities formed on or after January 1, 2024 to report their beneficial ownership information to FinCEN. This forthcoming rule is not expected to have any impact on the obligation of non-exempt entities formed prior to January 1, 2024 to report their beneficial ownership information by the end of 2024.

SWACCA 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.

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