Story perspectives

Treasury Repeals Corporate Transparency Act Rule, Ends Filings

8/14/2026

Summary

Story summary

The U.S. Treasury Department repealed the Corporate Transparency Act rule, ending beneficial-ownership filing for U.S. companies and individuals.
FinCEN issued the final rule on Tuesday, effective upon its Federal Register publication.
FinCEN will delete all previously reported data it believes belongs to U.S. persons, such as passport records.
Treasury Secretary Scott Bessent called the repeal a “victory for common sense” that removes a burdensome requirement.

History

Historical Context

The Bank Secrecy Act, signed by President Richard Nixon on October 26 1970, required banks to report cash transactions over $10,000 and created FinCEN, which now handles 1.5 million suspicious activity reports annually after expansions like the 2001 USA PATRIOT Act. In 2024 Treasury Secretary Scott Bessent repealed the Corporate Transparency Act’s beneficial-ownership rule, removing a transparency layer the BSA established and prompting calls for stricter AML legislation.

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Story summary

The U.S. Treasury Department repealed the Corporate Transparency Act rule, ending beneficial-ownership filing for U.S. companies and individuals.
FinCEN issued the final rule on Tuesday, effective upon its Federal Register publication.
FinCEN will delete all previously reported data it believes belongs to U.S. persons, such as passport records.
Treasury Secretary Scott Bessent called the repeal a “victory for common sense” that removes a burdensome requirement.

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