On March 21, the Department of the Treasury’s Financial Crimes Enforcement Network issued an Interim Final rule that, among other changes, removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN and revises the definition of “reporting company” to mean only those formed under foreign law and registered to do business in the U.S.

Before these changes, more than 30 million businesses would be required to have any owner or employee who exercised “substantial control” over the company file personally identifiable information with FinCEN.

With this Interim Final Rule now in place, no domestic business or its owners must file BOI. The various court cases against the Corporate Transparency Act will continue to be litigated, and the underlying statute remains on the books. However, at least for now, this administration will not enforce it.