On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued a new interim final rule that removes the beneficial ownership information (BOI) reporting requirements for U.S. companies and U.S. persons. The rule revises the definition of "reporting company" to apply only to foreign entities registered to do business in any U.S. State or Tribal jurisdiction by filing a document with a secretary of state or similar office. These foreign entities continue to be required to report their BOI to FinCEN. In contrast, domestic entities, previously known as "domestic reporting companies," are exempt from any BOI reporting requirements. Additionally, U.S. persons will not be required to report their BOI with respect to any foreign entity in which they are a beneficial owner.
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