The Financial Crimes Enforcement Network (FinCEN) issued a release pausing enforcement measures under the Corporate Transparency Act (CTA), including fines or penalties, for failure to file or update the beneficial ownership information reports mandated under the CTA. The enforcement pause will last until a new interim final rule extending filing deadlines is effective and the new reporting deadlines in the interim rule have passed. FinCEN will also ask for public comment on potential changes to existing reporting rules.
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FinCEN Temporarily Pauses CTA Fines and Enforcement Pending New Interim Rule
