FinCEN Permanently Ends Beneficial Ownership Reporting Requirements for Millions of Small Business Owners

Will Delete Information Previously Reported by U.S. Persons

WASHINGTON––Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act.  The final rule is effective on its publication in the Federal Register. FinCEN today also announced that it will delete previously reported information by U.S. persons—now exempt from the reporting requirements—from the beneficial ownership information database. 

“Today’s action is a victory for common sense and American small businesses,” said Secretary of the Treasury Scott Bessent. “President Trump promised to cut red tape, and this final rule delivers. Treasury is eliminating a burdensome reporting requirement for millions of law-abiding business owners without compromising our national security.” 

The final rule:

Under the final rule, foreign entities that are reporting companies will still be required to report beneficial ownership information for foreign individuals. 

In addition to the final rule, FinCEN has issued Frequently Asked Questions, and will be updating guidance on FinCEN.gov to reflect the final rule.