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

Interim final rule changes definition of reporting company to include only foreign entities.

The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that dramatically changes the scope of beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act. This significant regulatory shift exempts all U.S. companies and U.S. persons from BOI reporting obligations.

The interim final rule, published on March 26, revises the definition of “reporting company” to include only entities formed under foreign law that have registered to do business in any U.S. state or tribal jurisdiction. Under this revised definition, all entities created in