FinCEN Scales Back Beneficial Ownership Reporting

The Financial Crimes Enforcement Network (FinCEN) issued an interim final rule significantly scaling back the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements.

The rule now exempts companies formed in the United States, also known as domestic reporting companies. This generally means that U.S. businesses no longer need to file BOI reports, make ongoing updates, or correct previously submitted information. FinCEN has redefined a “reporting company” to include only foreign entities that  have registered to do business in a U.S. state. The press release announcing the rule can be found here.