The U.S. Department of the Treasury has announced the publication of an interim final rule by the Financial Crimes Enforcement Network (FinCEN). This new rule eliminates the requirement for U.S. companies and individuals to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act, limiting its application to foreign reporting companies. The announcement follows FinCEN’s previous notice on March 21, 2025, about issuing this interim final rule, which is effective immediately. Comments are being accepted as FinCEN plans to finalize the rule within the year.
U.S. Treasury Secretary Scott Bessent stated, “It is important to rein in burdensome regulations to the benefit of hard-working American taxpayers and small businesses.” He emphasized that as part of re-leveraging the private sector and de-leveraging government involvement, all regulations are being reviewed for their suitability in advancing economic growth for Americans.
This development comes after a prior announcement by the U.S. Department of the Treasury on March 2, 2025, regarding the suspension of enforcement related to the Corporate Transparency Act.
