Treasury Rolls Back Ownership Reporting Obligations For U.s. Companies
The U.S. Department of the Treasury has permanently eliminated beneficial ownership reporting requirements for domestic companies and individuals under the Corporate Transparency Act, gutting a major federal anti-money-laundering disclosure program for American small businesses.
The rule effectively exempts U.S. citizens operating domestic businesses from disclosing their beneficial ownership information as was mandated under the Corporate Transparency Act, a landmark anti-corruption law enacted in December 2020, aimed at combating money laundering and illicit finance.
Under the update, foreign companies must still report beneficial ownership information for foreign individuals to FinCEN. However, foreign companies are exempt from reporting ownership information regarding U.S. citizens, as well as details about Americans who assist them in registering to conduct business within the U.S.
FinCEN also announced that it will delete all previously collected information regarding U.S. business owners from its beneficial ownership database.
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