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

This bill significantly amends title 31, United States Code, to narrow the scope of beneficial ownership information reporting requirements. It redefines a "reporting company" as an entity formed under the law of a foreign country and registered to do business in the United States, thereby excluding domestic entities from these obligations. The bill also clarifies that an "applicant" refers specifically to an individual registering such a foreign entity.

A central provision of this legislation is the creation of broad exemptions for United States persons. Specifically, no reporting company would be required to disclose the beneficial ownership information of any United States person, nor would any United States person be compelled to provide such data. Furthermore, the bill mandates that the Financial Crimes Enforcement Network (FinCEN) must delete all beneficial ownership information previously collected from United States persons within 90 days of the bill's enactment, while allowing retention of data for non-United States persons.