FinCEN Goes From 30 to 90 Days for Certain First Beneficial Ownership Reports

On November 29, 2023, the Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of the Treasury published an amendment to its rule requiring certain entities not otherwise exempt to report their beneficial ownership, extending for entities established in 2024 the required reports from 30 days after establishment to 90 days. FinCEN will still require entities established in 2025 and beyond to report within 30 days.