Sponsors (13)
The bill prioritizes U.S. individuals' privacy by removing and deleting domestic beneficial ownership data from FinCEN, at the cost of reducing tools for law enforcement, creating banking compliance uncertainty, hindering tax enforcement, and imposing administrative adjustments on state and tribal registries.
U.S. persons (individual taxpayers and owners) will no longer have their beneficial ownership reported to or retained by FinCEN, reducing federal collection and storage of sensitive ownership data and lowering privacy exposure.
FinCEN must delete existing beneficial ownership records for U.S. persons within 90 days, removing previously held sensitive data from the federal database and reducing the risk of future misuse or breach of those records.
Law enforcement and financial regulators will have reduced access to U.S. beneficial ownership information, weakening the ability to detect and investigate money laundering, fraud, hidden ownership tied to domestic crimes, and other illicit finance activities.
Banks and other reporting companies will face operational and legal uncertainty about what U.S. beneficial ownership they must collect or retain, complicating customer onboarding, anti-money-laundering (AML) compliance, and increasing compliance costs.
Deleting U.S. beneficial ownership data could hinder tax enforcement and the recovery of illicit assets, potentially increasing enforcement costs or tax burdens for honest taxpayers.
Based on analysis of 1 section of legislative text.
Narrows beneficial ownership reporting definitions, adds foreign formation and initial U.S. registration data, exempts U.S. persons, and requires FinCEN to delete U.S. persons' BOI within 90 days.
Revises federal beneficial ownership reporting rules by narrowing which foreign-formed entities and applicants must provide information, adding the reporting company's foreign formation jurisdiction and initial U.S. registration state/tribe to reports, and carving out broad exemptions for reporting companies and U.S. persons. It requires FinCEN to delete all beneficial ownership information (BOI) for any United States person within 90 days of enactment while allowing the agency to retain BOI for non-U.S. persons.
Official title: Amend title 31, United States Code, to require only foreign entities to report beneficial ownership information, and for other purposes.
Introduced April 28, 2026 by John Neely Kennedy · Last progress April 28, 2026