Treasury’s Financial Crimes Enforcement Network (FinCEN) released an interim final rule Friday that will apply the Corporate Transparency Act’s beneficial ownership information reporting requirements only to foreign entities and foreign nationals.
The rule, shared by FinCEN on March 21 in a press release and published in the Federal Register on March 26, puts into place previously announced plans to limit the reach of the CTA’s reporting requirements. Specifically, the rule revises the definition of “reporting company” to include only entities formed under the law of a foreign country that has registered to do business in any U.S. State or Tribal jurisdiction. The change effectively exempts domestic entities from the reporting requirements.
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