FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies

The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that eliminates the requirement for U.S. companies and individuals to report beneficial ownership information (BOI) under the Corporate Transparency Act. Existing foreign companies, however, must still report their BOI and have been granted an additional 30 days from the publication date of the interim final rule to comply.

This interim final rule redefines “reporting company” to include only entities formed under foreign laws and registered to do business in any U.S. State or Tribal jurisdiction through a filing with a secretary of state or similar office (previously known as “foreign reporting companies”). Additionally, entities formerly known as “domestic reporting companies” are now exempt from BOI reporting requirements.

For more details, refer to FinCEN’s press release and alert.