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FinCEN has removed the beneficial ownership reporting requirements for all entities created in the United States.

Reporting company is now defined as an entity that has been formed under the law of a foreign country and that has registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office.

Additionally, foreign entities will be required to file, but they will not be required to report any U.S. persons as beneficial owners.

This is an interim final rule and FinCEN intends to finalize the rule later this year.