The U.S. Treasury Department announced late Friday that it is abolishing the Beneficial Ownership Information (BOI) Reporting Rule for all U.S. companies, following a brief suspension of the rule. Foreign qualifying companies registered to do business in the U.S, however, will still be required to report their BOI. Importantly, foreign companies will […]
The Beneficial Ownership Information (BOI) Reporting Rule, established under the Corporate Transparency Act (CTA) of 2020, requires certain entities to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). Designed to enhance transparency and combat illicit finance, the rule applies to individuals owning or controlling at least 25% […]