The Treasury Department announces today the formal publication of the Financial Crimes Enforcement Network (FinCEN) interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act and narrows the scope of the rule to foreign reporting companies. This publication in the Federal Register follows FinCEN’s announcement on March 21, 2025, that it is issuing this interim final rule. The interim final rule is effective immediately. FinCEN is accepting comments and intends to finalize the rule this year.
“It is important to rein in burdensome regulations to the benefit of hard-working American taxpayers and small businesses,” said U.S. Treasury Secretary Scott Bessent. “As we continue to re-leverage the private sector and de-leverage the government, we are reviewing all regulations to ensure they are fit-for-purpose, in furtherance of our ambitious economic growth agenda on behalf of the American people.”
The action follows the U.S. Department of the Treasury’s March 2, 2025 announcement suspending enforcement of the Corporate Transparency Act.