On August 11, 2026, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a final rule on the Corporate Transparency Act. The final rule adopts and expands the reduced reporting requirements under the interim final rule issued on March 26, 2025.
As under the interim final rule, under the final rule, U.S. companies are exempt from Beneficial Ownership Information (“BOI”) reporting requirements. As such, U.S. companies are not required to file BOI reports.
Foreign entities subject to the reporting requirements (“Reporting Companies”) will still be required to report the BOI of foreign individuals. However, as per the interim final rule, Reporting Companies do not have to report the BOI of U.S. person beneficial owners. U.S. persons are also exempt from having to provide their BOI to the Reporting Company for which they are a beneficial owner. The final rule retained these exemptions and expanded them to include U.S. person company applicants.
Prior to the issuance of the final rule, any person that had obtained a FinCEN ID was required to update or correct the underlying information in the original application within 30 days after such a change became necessary. The final rule removed this requirement for U.S. persons and, as a result, U.S. persons are no longer required to update or correct information previously provided to FinCEN. FinCEN also announced that it will delete previously reported information by U.S. persons from the BOI database.
The final rule will become effective as of the date of its publication in the Federal Register.