On March 21st, 2025, FinCEN issued an interim final rule that narrowed the existing beneficial ownership reporting requirement under the Corporate Transparency Act from foreign and domestic reporting companies to only those entities defined as “foreign reporting companies.”

Domestic reporting companies are exempt from the reporting requirement and are no longer required to report their beneficial ownership information.

In addition, the interim final rule also exempts foreign reporting companies from submitting BOI on any U.S. persons who are beneficial owners of the foreign reporting company.

Reporting companies registered to do business in the United States before the date of publication of the interim final rule must file BOI reports no later than 30 days from the date of publication.

Reminder: This does not impact the Beneficial Ownership procedures that financial institutions currently follow.

CCI suggests removing any BOI reporting information you may be displaying or providing to customers, it also reminds financial institutions that BOI scams are circulating, so be on the lookout for those.

You can read the interim final rule here.