The Treasury Department has officially repealed the requirement for American companies and individuals to report beneficial ownership information to the Financial Crimes Enforcement Network, rolling back a disclosure regime first implemented under the Biden administration and tied to the Corporate Transparency Act. The final rule, published Tuesday in the Federal Register, also exempts Americans who received FinCEN IDs from updating or correcting the information they used to obtain them and removes the obligation for foreign companies to report Americans who helped register them to do business in the U.S. Treasury said foreign reporting companies must still disclose beneficial ownership information on foreign individuals, a requirement the rule says remains important for law enforcement efforts against terrorism financing and other transnational financial crime. Sens. Chuck Grassley and Sheldon Whitehouse, who were original sponsors of precursor legislation to the Corporate Transparency Act, said the rule exempts 99 percent of previously covered entities and undermines Congress's intent by taking away a tool to combat human trafficking, terrorist financing, drug distribution and sanctions evasion. Treasury Secretary Scott Bessent has defended the rollback as relief from a burdensome reporting requirement for millions of law-abiding business owners.