In a motion filed Wednesday, Feb. 5, the Financial Crimes Enforcement Network (FinCEN) said it will consider changes to the beneficial ownership information (BOI) requirements if a court grants the government request for a stay of a nationwide injunction in a Texas case.
FinCEN said it will extend the BOI filing deadlines for 30 days, the government said in its court filing.
"During that period, FinCEN will assess whether it is appropriate to modify the Corporate Transparency Act's reporting requirements to alleviate the burden on low-risk entities while prioritizing enforcement to address the most significant risks to U.S. national security. Staying the grant of preliminary relief will help facilitate that process," said the request from the Department of Justice.
FinCEN has not yet updated its website with further details. Learn more about this ongoing case.