The Treasury Department has finalized a rule that exempts U.S. firms and individuals from reporting beneficial ownership information to its Financial Crimes Enforcement Network (FinCEN).
“Treasury is eliminating a burdensome reporting requirement for millions of law-abiding business owners without compromising our national security,” Treasury Secretary Scott Bessent stated in the announcement on Tuesday. Beneficial owners are identified as anyone who owns at least 25% of a business or exerts “substantial control” over the entity.
