Beneficial Ownership Filing Deadline Extension from FinCEN

Yesterday, FinCEN announced a filing deadline extension for Beneficial Ownership Information for companies created or registered in 2024.

Beginning January 1, 2024, reporting companies will be required to file information with FinCEN regarding their beneficial ownership. The rule requires new reporting companies, that is those created after January 1, 2024, to file their initial report within 30 calendar days of “receiving actual or public notice that the creation or registration of the reporting company is effective.”

FinCEN has extended the filing deadline from 30 to 90 days for companies in the the first year. Entities created or registered on or after January 1, 2024, and before January 1, 2025 will now have additional time to understand the reporting obligations and take the necessary steps to comply.

Any entities created or registered after January 1, 2025, will follow the 30 days calendar rule.

Companies in existence prior to January 1, 2024, must file their beneficial ownership information (BOI) by January 1, 2025.

You can find the full text of the final rule describing the Beneficial Ownership Filing Deadline Extension here.

For an in-depth discussion on the rules and potential implications to banks, join me on December 5th, for the webinar 2024 Changes to Beneficial Ownership Reporting.