| We wanted to share that FinCEN has reinstated API access as of this afternoon! Regarding the regulatory environment and enforcement deadlines, we anticipate a decision from the 5th Circuit Court as early as tomorrow and no later than Friday, December 27th. This ruling is expected to narrow the current injunction to the plaintiff group (approximately 300,000 businesses) or those explicitly mentioned in the case. What This Means for You The anticipated court decision could reinstate the 1/1/25 filing deadline for the millions of reporting companies yet to submit their information. If this happens, we foresee a significant surge in reporting activity leading up to the deadline and beyond for those who may miss it. While it’s unlikely that FinCEN will start issuing fines on January 2nd, the agency may leverage non-compliance narratives to encourage timely engagement.Our advice? Prepare early and file your report now to stay ahead of the rush. |
| FinCEN’s Current Guidance Until the court order is resolved, FinCEN has provided the following language for banners displayed during the “Sign Up” and “Review and Submit” steps of our application:In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports. More information is available on FinCEN’s website.We’re here to answer your questions and deeply appreciate your patience and partnership during this time. Karen Give us a call today to discuss your commercial finance needs or get started by filling out this form! Karen Schimpf (512) 358-1511 karen@applycommercialloans.com www.ApplyCommercialLoans.com Take the Stress Out of Managing FinCEN Reporting Click below to sign up and streamline your FinCEN reporting process today! |
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