FinCEN says there will be no fines, penalties for failure to report BOI before deadline

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) notified businesses that fail to report or update their beneficial ownership information (BOI) before the agency’s March 21 deadline will not face fines or penalties.

FinCEN said 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, according to a press release Thursday. No later than March 21, the agency intends to issue an interim final rule that extends BOI reporting deadlines, FinCEN noted.

On Feb. 18, FinCEN issued a new compliance date for affected businesses to file BOI, but hinted that the date, and perhaps even the entities it applies to, would change. In its most recent update, the agency recognized the need to provide new guidance and clarity as quickly as possible, while ensuring highly useful BOI that is important to national security, intelligence, and law enforcement activities is reported.