Donna Berger of Becker & Poliakoff in Fort Lauderdale. Courtesy photo Understanding the Corporate Transparency Act (CTA) and Its Possible Impact on Community Associations
The CTA poses potential challenges for volunteer association board members in private residential communities, who must now provide personal information to FinCEN.
April 26, 2024 at 09:57 AM
3 minute read
Board of Contributors
In a pivotal move to enhance corporate transparency and combat financial crimes, the U.S. Congress passed the Corporate Transparency Act (CTA) as part of the Anti-Money Laundering Act of 2020, tasking the Financial Crimes Enforcement Network (FinCEN) with its implementation. This legislation represents a significant shift in corporate reporting and oversight, designed to shed light on the complex structures of corporate entities. The CTA aims to deter and detect financial crimes, bolster the integrity of the U.S. financial system, and contribute to the global fight against illicit financial activities.
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