Banking and Finance Law Daily Wrap Up, REGULATION TRACKER—Upcoming comment deadlines and effective dates, (Mar 24, 2025)
Organizations Mentioned:Financial Crimes Enforcement Network | Office of Foreign Assets Control
By WK Editorial Staff
Comment deadlines and effective dates for regulatory activity issued by the federal financial institution agencies.
The Banking and Finance Law Daily Regulation Tracker includes a Proposed Rules Comment Calendar and a table of Final Rule Effective Dates. Recent activity includes the following:
The Financial Crimes Enforcement Network has issued an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. In the interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office—formerly known as “foreign reporting companies.” The interim final rule is consistent with a Mar. 2, 2025, announcement by the Treasury Department that it will not be enforcing any penalties or fines related BOI reporting rule and that it planned to issue a proposed rulemaking narrowing the BOI reporting rule’s scope to apply exclusively to foreign reporting companies.
The Office of Foreign Assets Control has issued a final rule to adopt, without change, a September 2024 interim final rule to amend the Reporting, Procedures and Penalties Regulations. The interim final rule extended certain recordkeeping requirements from five to 10 years, consistent with the statute of limitations for violations of certain sanctions administered by OFAC.
See the Regulation Tracker for details.
RegulatoryActivity: BankingOperations BankSecrecyAct CrimesOffenses