FinCEN removes beneficial ownership reporting requirements for U.S. companies and U.S. persons

March 27, 2025

On March 21, the Financial Crimes Enforcement Network (FinCEN) issued a final interim rule, effective March 26, 2025, that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act.

The rule redefines “reporting company” to include only foreign entities registered to do business in the U.S., exempting all entities created in the United States and those previously known as “domestic reporting companies” from BOI reporting.

Foreign entities that meet the new definition must report their BOI to FinCEN under the new deadlines. Those entities will not need to report U.S. persons as beneficial owners.

If you have questions or need assistance, please contact Capell & Howard attorney Addison Franklin.