11 August 2026: FinCEN Permanently Ends Beneficial Ownership Reporting Requirements for Millions of Small Business Owners
- 21 hours ago
- 1 min read
Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act. The final rule is effective on its publication in the Federal Register. FinCEN today also announced that it will delete previously reported information by U.S. persons—now exempt from the reporting requirements—from the beneficial ownership information database. Under the final rule, foreign entities that are reporting companies will still be required to report beneficial ownership information for foreign individuals.
AMC Advisory comment: For years, multiple jurisdictions have been dragging the implementation of a UBO register and now that even Switzerland agreed to implement it from October 2026, the US is stopping it!
Coincidence or not, the announcement came exactly 1 week after a breach in the Liechtenstein UBO register was made public...
