Letter to FinCEN on BOI Reporting Deadline Extension for Reporting Companies

Dear Director Gacki:

The American Bankers Association (ABA) appreciates the opportunity to comment on Treasury's Financial Crimes Enforcement Network (FinCEN's) proposed rule, Beneficial Ownership Information Reporting Deadline Extension for Reporting Companies Created or Registered in 2024.

In this rulemaking, FinCEN proposes to amend its new beneficial ownership reporting rule to extend the reporting deadline for small businesses and other entities created or registered during 2024 from 30 days to 90 days. ABA supports this deadline extension, and recommends it apply to all new businesses created or registered on or after January 1, 2024, not just those created or registered in 2024. This deadline extension, resulting from FinCEN’s continuing dialogue with key stakeholders —including banks— will allow FinCEN an opportunity to educate the over 32 million newly regulated companies about FinCEN and the new reporting rule before any reports are due. For companies created or registered starting on January 1, this will triple the time they now have after the rule goes into effect to determine whether the rule applies to them— before they face possible civil and criminal penalties for non-compliance. The extension will also allow companies time to conduct case-by-case analyses of who and what they must report, and finally gather the necessary information to comply. This extension will also provide a much-needed window in which FinCEN can continue to work with financial institutions and other stakeholders to achieve congruence between Corporate Transparency Act (CTA) objectives and existing anti-money laundering program requirements, continue work on an improved access rule, and as the CTA requires, propose revisions to the Customer Due Diligence (CDD) rule to eliminate the duplicative and burdensome dual reporting regime the reporting rule now creates.

Download the comment letter to read the full text.