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 amends existing U.S. laws to require only foreign-owned companies registered in the United States to report beneficial ownership information, while exempting domestic U.S. entities from these filing requirements. Under the new rules, foreign corporations must disclose details about their owners, but any beneficial owners who are U.S. persons will not be required to provide this data. Additionally, the Financial Crimes Enforcement Network is directed to delete all previously collected ownership information related to U.S. persons while retaining records for non-U.S. individuals. The legislation effectively narrows the scope of the current reporting system to focus exclusively on foreign entities operating within the United States.