FinCEN permanently exempts U.S. companies and persons from BO reporting under the Corporate Transparency Act, and will delete previously reported U.S. person data from its BOI database

The final changes significantly narrow the Corporate Transparency Act framework by exempting domestic companies that had previously been expected to submit beneficial-ownership information. The move reduces the pool of ownership data available to law-enforcement and financial-intelligence authorities and marks a substantial reversal of the previous US transparency regime…