Time to Prepare for the Corporate Transparency Act

On January 1, 2021, Congress passed the Corporate Transparency Act ("CTA"), which set out to bring the United States' reporting requirements for corporations in line with the rest of the world for purposes of combating money laundering and other financial crimes. The CTA imposes the requirement that all entities formed by filing with a secretary of state’s office, with limited exceptions, must report certain personal information regarding their ultimate Beneficial Owner(s) and Company Applicant(s) to the Department of the Treasury.

The Financial Crimes Enforcement Network ("FinCEN") has been charged with issuing regulations to implement the CTA. In order to accomplish this task, they have divided the CTA’s provisions into three major pillars, each with its own rules

Read more about the Corporate Transparency Act here.

Corporate Transparency Act