I don't quite get it. It seems that what this does is put the burden on reporting of this information back onto banks, not that this information will not be collected. Further it is my understanding that the reporting was to identify the up to four people who had controlling interests in companies with more than 20 employees and 5 million in sales. the intention being to reduce money laundering and terrorism.

Name the four largest shareholders? This honestly does not seem like any kind of burden to me. If it is, I have way more burden reporting short vs long term capital gains or hell even renewing my passport.