Key Points
- The Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a rule that exempts all U.S. companies and U.S. owners from filing reports about “beneficial ownership information.”
- Lawmakers sought such information to help curb criminal activity and illicit finance conducted through opaque shell companies. It came with financial penalties for noncompliance.
- The move is part of a broader deregulatory push by the Trump administration.
