The Financial Crimes Enforcement Network won’t issue fines to companies that miss the March 21 initial deadline to comply with the Corporate Transparency Act, it said in a news release.
The act requiring 32 million US businesses to report information on their beneficial owners is poised to taked effect after numerous stops and starts. FinCEN said Thursday it will no issue fines, penalties or take other enforcement actions against companies that do not make their reports by that deadline. It intends to wait to begin penalties and enforcement actions until an interim final rule is put forth, which will ...