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Revised Beneficial Ownership Information (BOI) Rule Exempts U.S. Companies From Reporting

The article by Kelly Phillips Erb on Forbes, published on March 23, 2025, discusses the recent changes to the Beneficial Ownership Information (BOI) Rule by the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). The revised rule now exempts U.S. companies from reporting requirements that were initially set to combat money laundering and other financial crimes. This exemption was introduced to reduce the compliance burden on domestic entities, particularly small businesses, which had faced significant challenges in understanding and adhering to the original reporting obligations. The rule change aims to streamline the process while still maintaining the integrity of efforts to prevent illicit financial activities. However, foreign companies and certain high-risk domestic entities are still required to comply with the BOI reporting.

Read the Full Forbes Article at:
[ https://www.forbes.com/sites/kellyphillipserb/2025/03/23/revised-beneficial-ownership-information-boi-rule-exempts-us-companies-from-reporting/ ]