US Treasury Department repeals beneficial ownership reporting rule for domestic companies

FinCEN issued a final rule on August 11 permanently exempting all US companies and individuals from beneficial ownership information reporting requirements, effectively gutting the Corporate Transparency Act that Congress passed in 2021. From transparency mandate to full retreatThe Corporate Transparency Act was supposed to be a landmark in the fight against financial crime. Enacted in 2021, it required most US and foreign companies to disclose their true beneficial owners to FinCEN starting January 1, 2024. On March 2, 2025, Treasury announced plans to narrow BOI reporting exclusively to foreign companies, suspending enforcement against domestic entities in the meantime. Foreign reporting requirements alone won’t solve the problem.