FinCEN finalizes rule to narrow beneficial ownership information reporting requirements

The Financial Crimes Enforcement Network (FinCEN) has issued a final rule that modifies beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA). The rule, effective August 14, 2026, exempts U.S. person beneficial owners and company applicants from certain reporting obligations and updates requirements for FinCEN identifiers, aiming to reduce the burden on small businesses.