The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) finalized a rule to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports.
The rule, proposed in September, amends the reporting deadline for such companies to 90 days from the receipt of public notice of their registration instead of the 30 days initially proposed. The registry is scheduled to go live Jan. 1, 2024; FinCEN said no reports should be submitted before that date.
“This deadline extension will have significant benefits and will provide valuable extra time for company applicants and for reporting companies created or registered in 2024 to understand this new regulatory obligation and obtain the required information to file their [beneficial ownership information] reports,” said FinCEN Director Andrea Gacki in a press release Wednesday.
The rule does not affect any other reporting deadlines. Reporting companies created or registered before the end of this year will continue to have until Jan. 1, 2025, to file their initial beneficial ownership information reports with FinCEN, while reporting companies created or registered on or after Jan. 1, 2025, still only have 30 calendar days.
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