The Treasury Department announced on March 10, 2025, that it will not enforce penalties or fines associated with the beneficial ownership information reporting rule under existing regulatory deadlines.
Furthermore, the department will not enforce penalties or fines against U.S. citizens or domestic reporting companies and their beneficial owners after forthcoming rule changes take effect. A proposed rulemaking will narrow the scope of the rule to foreign reporting companies only.
U.S. Secretary of the Treasury Scott Bessent stated this action supports American taxpayers and small businesses by reining in burdensome regulations. This regulatory relief is expected to reduce compliance costs for many of Community Bancorp.'s local business clients.
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