US Government Accountability Office (GAO) finds Treasury has failed to address major beneficial ownership (BO) data gaps after domestic companies are exempted from reporting requirements
A 2026 GAO report found that a March 2025 FinCEN interim rule exempting domestic US companies and US persons from BO reporting – covering over 99% of previously required entities – has created significant gaps in ownership information. The Treasury has not identified steps to address these gaps, leaving shell company risks largely unmitigated despite statutory obligations to support law enforcement.
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