A bill to amend title 31, United States Code, to require only foreign entities to report beneficial ownership information, and for other purposes.

Summary

The bill changes the Treasury’s beneficial‑ownership rules so that only companies formed under foreign law and registered to do business in the United States must file ownership information. U.S. persons are exempt from both providing and being reported, and FinCEN must delete any U.S. person data within 90 days. The change aims to focus reporting on foreign entities while protecting U.S. privacy.

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