Credit: VectorMine/Adobe Stock The Corporate Transparency Act's First 100 Days
With the Corporate Transparency Act now in effect, the rubber has hit the road for corporate counsel seeking to evaluate their clients' responsibilities and filing requirements.
April 29, 2024 at 02:42 PM
6 minute read
Risk and Compliance
With the Corporate Transparency Act (CTA) now in effect, the rubber has hit the road for corporate counsel seeking to evaluate their clients' responsibilities and filing requirements. Adopted as part of the William M. Thornberry National Defense Authorization Act for Fiscal Year 2021, the CTA requires many U.S. businesses and foreign companies registered to do business in the U.S. to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of Treasury. These reports will be aggregated into a database to be used by U.S. law enforcement agencies in combatting money laundering and other illicit activity currently obscured through the opacity of business entities.
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