Treasury publishes final rule removing BOI reporting requirements for U.S. companies

The Treasury Department announced the formal publication of the Financial Crimes Enforcement Network interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act.

Timeline: The interim final rule—which narrows the scope of the rule to foreign reporting companies—is effective immediately. FinCEN said it is accepting comments and intends to finalize the rule this year.

ICBA View: ICBA has repeatedly called for FinCEN to withdraw the requirement that banks collect BOI.