Business Groups Ask Treasury to Purge Beneficial Ownership Data

More than 100 trade associations are calling for the Treasury Department to purge the Corporate Transparency Act database of beneficial ownership information submitted by US businesses and business owners that are no longer required to file.

The Main Street Employers Coalition said in a letter Tuesday that sensitive information still remains in the database on beneficial owners, “exposing them to ongoing cybersecurity and unauthorized disclosure risks.”

The Treasury Department last March issued interim final regulations exempting U.S. businesses from the law’s requirement that they disclose their owners’ names, addresses, and other information.

“That action provided ...