Story perspectives

FinCEN Ends Transparency Act Reporting, Deletes U.S. Ownership Data

8/12/2026

Summary

Story summary

U.S. Treasury Secretary Scott Bessent announced Financial Crimes Enforcement Network (FinCEN)’s rule ends Transparency Act requirement for companies and persons to report ownership.
The rule takes effect upon Federal Register publication and requires reporting companies to disclose foreign beneficial owners.
FinCEN will delete from its database U.S. persons’ ownership data, including records tied to U.S. passports or driver’s licenses, and will not update or correct information for FinCEN ID holders.

History

Historical Context

The 2016 Corporate Transparency Act, passed after the Enron-era Sarbanes-Oxley reforms of 2002 (which passed 423-3-8 in the House), required companies to file beneficial-owner data with FinCEN. The 2024 FinCEN rule, announced by Treasury Secretary Scott Bessent, now deletes U.S. persons’ ownership records, sparking congressional push to restore the transparency safeguards first introduced post-2002.

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Story summary

U.S. Treasury Secretary Scott Bessent announced Financial Crimes Enforcement Network (FinCEN)’s rule ends Transparency Act requirement for companies and persons to report ownership.
The rule takes effect upon Federal Register publication and requires reporting companies to disclose foreign beneficial owners.
FinCEN will delete from its database U.S. persons’ ownership data, including records tied to U.S. passports or driver’s licenses, and will not update or correct information for FinCEN ID holders.

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