Corporate Transparency Act Enforcement Halted Amid Legal Challenges

The U.S. Treasury Department’s Financial Crimes Enforcement Network announced it is ceasing enforcement of the Corporate Transparency Act while it revises compliance requirements in response to a recent court ruling and crafts a new set of regulations that will ultimately narrow the scope of beneficial ownership information reporting requirements. “No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed,” reads the announcement.