Beneficial Ownership Reporting Requirements Officially Removed

Following a nationwide pause on the Corporate Transparency Act in connection with an order from a federal judge, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) officially issued a final rule this month 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. FinCEN also announced that it will delete previously reported information by U.S. persons from the beneficial ownership information database. Under the final rule, certain foreign entities that are reporting companies will still be required to report beneficial ownership information.