The Financial Crimes Enforcement Network has finalized a rule removing the requirement for U.S. companies and persons to report beneficial ownership information to the agency under the Corporate Transparency Act, the Treasury Department announced today. The agency also will delete previously reported information from the BOI database.
The Treasury Department last year announced that it would not enforce any penalties or fines against U.S. companies for failing to report BOI. Shortly afterward, FinCEN issued an interim rule exempting U.S. companies from BOI requirements. The final rule makes those changes permanent.
As requested by the American Bankers Association, the final rule extends reporting relief to U.S. person holders of FinCEN Identifiers and exempts reporting companies from the requirement to report information about their U.S. person beneficial owners and company applicants. Foreign companies will still be required to report BOI for foreign individuals.
FinCEN has also issued an FAQ on the final rule and plans to update guidance to reflect the changes.
