On August 11, 2026, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule that removed the requirement for U.S. Companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. FinCEN also announced the following pursuant to the final rule:
- FinCEN will delete information about any individual–company applicants, beneficial owners, recipients of a FinCEN ID–that FinCEN believes is a U.S. person (e.g., the information is linked to a U.S. passport or U.S. driver’s license).
- U.S. persons who have obtained FinCEN IDs are exempted from any obligation to update or correct the information they originally provided to FinCEN to obtain their IDs
- The requirement for foreign companies to report U.S. persons who are “company applicants” (individuals who helped those foreign companies register to do business in the United States) is eliminated
- Foreign entities that are reporting companies are still required to report BOI for foreign individuals.
If you have any questions about your legal obligations in light of these most recent announcements, please do not hesitate to reach out to the attorneys at the Knudsen Law Firm.