FinCEN Ends BOI Reporting for US Companies
US companies and their counsel must immediately verify whether any ongoing beneficial ownership reporting obligations survive FinCEN's final rule, as the compliance landscape shifts permanently.
On August 11, 2026, FinCEN issued a final rule permanently eliminating beneficial ownership information (BOI) reporting requirements for most U.S. companies and entities formed under U.S. law. The rule implements a statutory directive and removes the burden of filing and updating BOI reports for domestic reporting companies. However, certain entities—such as banks, broker-dealers, and other financial institutions—remain subject to separate customer due diligence rules that require collecting similar information. Counsel should review client entity structures to confirm exemption status, update compliance policies, and monitor for any state-level reporting initiatives that may still impose obligations.