In January 2024, the Financial Crimes Enforcement Network (FinCEN) started requiring certain businesses to disclose specific information about their beneficial owners. However, this mandate has since been put on hold.
FinCEN recently updated its guidance, stating:
“In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.” [January 2, 2025]
It’s important to note that while the requirement is currently voluntary, there is a possibility that it could become mandatory in the future. Businesses should stay informed and prepared for any updates.