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Update: Beneficial Ownership Interim Final Rule
The Financial Crimes Enforcement Network (FinCEN) recently issued an interim final rule narrowing the existing beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act to reduce the burden on reporting companies associated with the collection of information. The current Rule exempts “domestic reporting companies” (defined as a corporation, limited liability company, or other entity that is created by a filing with the secretary of state or any similar office under the laws of a state or Indian tribe) from the Reporting Rule – meaning these companies do not have to report BOI to FinCEN or update or correct BOI previously reported as they are outside the scope of the Rule.
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