FinCEN Permanently Ends Beneficial Ownership Reporting Requirements for Millions of Small Businesses

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act. Treasury Secretary Scott Bessent stated this action is a 'victory for common sense and American small businesses' and fulfills a promise to cut red tape.