Beneficial Ownership

• The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule permanently ending beneficial ownership reporting requirements. • Under this new rule, U.S. companies and U.S. persons are no longer required to report beneficial ownership information as previously mandated by the Corporate Transparency Act. • FinCEN has further committed to deleting information that was already reported by U.S. persons prior to this rule change.

• The Treasury's Financial Crimes Enforcement Network (FinCEN) has decided to permanently exempt U.S. businesses from disclosing their beneficial owners. • This decision eliminates a planned database that banks intended to use to satisfy mandatory customer due diligence requirements. • The move removes a critical tool for financial institutions attempting to identify the true owners of corporate entities to prevent financial crimes.