Most Recent Updates

March 2nd, 2025: 
On Thursday, February 27th, 2025, FinCEN announced that it doesn't plan to issue fines, penalties, or take enforcement action against companies that miss deadlines for filing or updating the Beneficial Ownership Information under the Corporate Transparency Act. No penalties will be applied until new interim final rules take effect. FinCEN intends to issue rules by March 21, 2025, to provide clearer guidance. This decision reduces the regulatory burdens while ensuring BOI reporting focuses on entities posing the greatest national security risks.

February 20th, 2025:
Following a court decision on 2/18/2025, Corporate Transparency Act (CTA) Beneficial Ownership Information filing requirements to FinCEN are back in effect. FinCen.gov has announced a new filing deadline of March 21, 2025.

If you already filed your information as originally required, there is nothing you need to do at this point.

If you haven't filed, you must submit that information by March 21, 2025.

Notably, in keeping with the Treasury’s commitment to reducing the regulatory burden on businesses, during this 30-day period, FinCEN will assess its options to modify deadlines further while prioritizing reporting for those entities that pose the most significant national security risks.

FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce the burden for lower-risk entities.

Please reach out to CAMS if you have any questions. We offer a filing service to our clients - you can learn more about that here.

January 23rd, 2025
Enforcement of the Corporate Transparency Act remains on hold despite a recent US Supreme Court ruling in favor of the Treasury Department. On January 23rd, the Supreme Court overturned a lower court order that was blocking enforcement of the CTA. However, a separate national injunction issued by a different federal judge remains in place and continues to block the law's implementation. FinCEN.gov is still accepting the voluntary filing of BOI reports, and CAMS will facilitate the filing of BOI reports upon board instruction.

What is the Corporate Transparency Act (CTA)?

The CTA aims to enhance corporate transparency and prevent illegal activities by requiring entities to report beneficial ownership information (BOI). This ensures that law enforcement can track and curb the misuse of entities effectively.

How CAMS Can Help

CAMS offers services to assist boards with CTA/BOI filings. While the matter is unresolved, CAMS will only initiate filings upon a board's specific request. 

You can learn more about CAMS CTA services and CTA Requirements here, as well as view a list of commonly asked questions.