The Treasury Department announced on Sunday that it will suspend fines and penalties linked to "beneficial ownership information" (BOI) required of millions of businesses. Why it matters: In addition to eliminating guardrails around "illicit finance,

The Treasury Department announced that it is suspending enforcement of the Beneficial Ownership Information (BOI) reporting requirements. Here's what to know.

The U.S. Treasury said it wouldn't impose penalties associated with Beneficial Ownership Information reporting under the current requirements for U.S. entities.

The Biden-era small-business rule is aimed at curbing money laundering and formation of shell companies. The rule had been mired in litigation as business leaders cited privacy and security concerns.

The rule was enacted to “make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures,” according to FinCEN.

The U.S. Treasury Department announced it will not enforce a Biden-era small business rule intended to curb money laundering and shell company formation. Ticker: Stop & Shop Teamsters report labor deal;