S. 4419 — A bill to amend title 31, United States Code, to require only foreign entities to report beneficial ownership information, and for other purposes.

This section limits beneficial ownership information reporting requirements to foreign-formed entities. It redefines a reporting company as a corporation, limited liability company, or similar entity formed under the laws of a foreign country and registered to do business in the United States, redefines an applicant accordingly, and adds any United States person to the list of individuals excluded from the definition of beneficial owner. The section further exempts all United States persons from providing or being reported as beneficial owners and directs the Financial Crimes Enforcement Network to delete all beneficial ownership information of United States persons within 90 days after the date of enactment while permitting retention of information relating to non-United States persons.