- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-03-29T18:38:00
The reporting requirements of the beneficial ownership information (BOI) registry being developed by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) will likely be revised following harsh criticism from lawmakers and businesses.
Himamauli Das, FinCEN’s acting director, said in a statement to multiple media outlets, including the Wall Street Journal, that the agency was “working to issue an updated beneficial ownership information reporting form as soon as possible.”
FinCEN and the Treasury Department did not respond to a request seeking confirmation of the statement.
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The Financial Crimes Enforcement Network announced a notice of proposed rulemaking to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports.
Nearly three months from the effective date of its beneficial ownership reporting rule, the Financial Crimes Enforcement Network released guidance for small businesses to determine whether they must comply and what information they might be required to provide.
Treasury Secretary Janet Yellen announced the appointment of Andrea Gacki as director of the Financial Crimes Enforcement Network.
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