The 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 to FinCEN.
Further, FinCEN said that it will delete previously reported information by U.S. persons—now exempt from the reporting requirements—from the beneficial ownership information database.
The final rule adopts the exemptions set out in the interim final rule issued in March 2025, making the rollback of beneficial ownership reporting by U.S. companies permanent.
It exempts U.S. persons who have obtained FinCEN IDs from any obligation to update or correct the information they originally provided to FinCEN to obtain their FinCEN IDs.
It also eliminates the requirement for foreign companies to report U.S. person “company applicants” and exempts foreign pooled investment vehicles registered in the United States from reporting the beneficial ownership information of a U.S person in control of the investment vehicle.
Further, it confirms that FinCEN will delete information about any individuals—company applicants, beneficial owners, or recipients of a FinCEN ID—that FinCEN reasonably believes is a U.S. person.
Under the final rule, foreign entities that are reporting companies will still be required to report beneficial ownership information for foreign individuals.
The final rule is effective on its publication in the Federal Register.