Compliance & Regulatory Updates: March 5, 2025

FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines: On February 27, 2025, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. 

Department of Commerce ATM and ITM Fraud Recommendations: The Minnesota Department of Commerce’s Director of Credit Unions, Aeton de Long-Hersh, issued recommendations for credit unions regarding recent ATM and ITM robberies.

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