Washington Report

Advocacy Updates from Washington D.C.

FinCEN Extends the Beneficial Ownership Rule Reporting Deadline for Certain Entities

On November 30, 2023, The Financial Crimes Enforcement Network (FinCEN) issued a final rule amending the beneficial ownership information reporting rule to extend the filing deadline for newly formed entities formed in 2024 to file an initial report. The amended final rule provides newly formed entities 90 days instead of 30 days to file initial beneficial ownership information reports. The amendment only applies to entities formed beginning January 1, 2024 and before January 1, 2025. FinCEN issued a notice of proposed rulemaking in September 2023 seeking comments on the proposed extension. In issuing the final rule, FinCEN acknowledged that it received many comments on the beneficial ownership rule requirements and deadline but focused exclusively on newly formed companies and the reporting obligations for those companies. FinCEN explained that it will provide additional guidance and updates on other aspects of the rule in the future.

NAR will continue to provide additional updates and information regarding beneficial ownership information reporting rule.