- FinCEN eases reporting for aircraft ownership entities
- Effective August 14, 2026
- LLCs no longer required to report beneficial ownership
- Foreign entities remain subject to reporting requirements
- NBAA raised privacy concerns about information exposure
The United States Treasury Department’s Financial Crimes Enforcement Network has published a final rule under which limited liability companies and other entities used in aircraft ownership structures are no longer required to report beneficial ownership information, effective August 14, 2026. The rule was established under the 2021 Corporate Transparency Act, which sought to collect and analyse information about financial transactions to combat financial crimes. The CTA required covered entities to report beneficial ownership information including names, dates of birth, addresses and other identifying details.
Under the new rule, FinCEN will remove previously reported beneficial ownership information stored in the system. Foreign entities registered to conduct business in the United States will remain subject to CTA reporting requirements concerning foreign beneficial owners. The National Business Aviation Association had previously raised concerns about privacy and the potential exposure of information concerning business aircraft owners and ownership structures.
The easing of reporting requirements represents a significant development for aircraft ownership structures in the United States. The decision follows industry lobbying regarding privacy concerns and the operational implications of reporting requirements for aviation businesses. The rule change takes immediate effect, with FinCEN proceeding with the removal of previously filed information.
NBAA shared: “The National Business Aviation Association had previously raised concerns about privacy and the potential exposure of information concerning business aircraft owners and ownership structures.”
