Treasury Department repeals Biden-era reporting requirement for US businesses
Summary
The U.S. Treasury Department ended a rule that required American businesses and individuals to report information about who really owns them to a government office called FinCEN. The Treasury first suggested removing this rule in March 2025 and made it official on Tuesday.Key Facts
- The Treasury Department repealed a reporting rule for U.S. companies and individuals.
- The rule required reporting beneficial ownership, meaning the real people who own or control a company.
- This information had to be sent to the Financial Crimes Enforcement Network (FinCEN), a government agency that fights financial crimes.
- The repeal was first proposed in March 2025.
- The final decision was published in the Federal Register on Tuesday.
- The change removes the obligation for businesses and individuals to provide ownership details to FinCEN.
- The repeal affects rules introduced during President Biden’s administration.
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