WASHINGTON (OBV) — The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a final rule Aug. 11 permanently eliminating beneficial ownership reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act.
The rule makes permanent exemptions first adopted through an interim rule in March 2025. It will take effect upon publication in the Federal Register.
FinCEN also announced it will delete previously submitted beneficial ownership information for individuals it reasonably believes are U.S. persons, including information tied to U.S. passports or driver’s licenses.
“Today’s action is a victory for common sense and American small businesses,” Treasury Secretary Scott Bessent said. “Treasury is eliminating a burdensome reporting requirement for millions of law-abiding business owners without compromising our national security.”
The final rule also exempts U.S. persons with FinCEN identification numbers from requirements to update or correct previously submitted information. Foreign companies will no longer have to report U.S. persons who helped register those companies to do business in the United States.
Foreign entities that remain classified as reporting companies will still be required to provide beneficial ownership information for foreign individuals.
The Corporate Transparency Act created federal beneficial ownership reporting requirements intended to provide FinCEN with information about individuals who own or control certain business entities. The latest rule removes those requirements for domestic companies and U.S. persons.
FinCEN also released updated frequently asked questions and said additional guidance will be posted to reflect the final rule.
