Beneficial Ownership Rule Suspended: What’s Next for U.S. Companies?

Recently, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki updated a U.S. House Financial Services subcommittee on Corporate Transparency Act requirements. In March 2025, FinCEN suspended a mandate for U.S. companies and individuals to submit beneficial ownership information to the government. (Foreign companies and individuals must continue to comply.) However, many U.S. entiti es had already filed the required data (6 million by Oct. 2024). Gacki said that FinCEN intended to delete any filings that would no longer be required. FinCEN is also reviewing public comments on the interim final rule that ended the mandate and is considering making adjustments to it.