Thomas Pitegoff of Offut Kurman. Courtesy photo Business Lawyers, the Corporate Transparency Act and New York State's Response
Rarely if ever have most of us had to think about laws that combat money laundering, terrorism financing, human and drug trafficking, sanctions evasion and other financial crimes. But that is about to change for lawyers representing businesses in the U.S. or their owners.
August 02, 2023 at 06:54 PM
13 minute read
Millions of privately held businesses will soon be required to report the identities of those individuals who own and control them to the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN). This new beneficial ownership information (BOI) reporting obligation will begin Jan. 1, 2024. It results from the enactment of the Corporate Transparency Act (the CTA) and FinCEN's issuance of the final regulations on how the reporting will work.
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