FinCEN Issues Interim Final Rule Restricting BOI Reporting to Foreigners

On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule limiting the existing beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) to require only entities previously defined as “foreign reporting companies” to report BOI. The interim final rule exempts entities previously defined as “domestic reporting companies” from the reporting requirements. They no longer have to report BOI to FinCEN or update and correct BOI previously reported to FinCEN.