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The Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that removes the requirement for U.S. companies and U.S. citizens to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act (CTA).

 

FinCEN revised the definition of “reporting company” to only include companies formed under the law of a foreign country that have registered to do business in the U.S. FinCEN also exempts entities previously known as “domestic reporting companies” from BOI reporting requirements. Therefore, all entities created in the United States and their beneficial owners will be exempt from reporting BOI to FINCEN.

 

MHI will continue to monitor legal and Congressional action on the Corporate Transparency Act and provide updates to our members.

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