Corporate Transparency Act (CTA)
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Starting as of January 1, 2024, the Corporate Transparency Act (“CTA”) requires almost all small and medium companies doing business in the US to report information (particularly information about their individual beneficial owners) to the US Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”). Please see below for an overview of this new law, including who must file a report, what information must be reported, when reports are due, and the penalties for noncompliance.
Purpose of the Corporate Transparency Act The CTA is intended to prevent and combat bad actors from concealing their ownership of US companies to facilitate illegal activities, including money laundering, terrorist financing, corruption, tax fraud, securities fraud, financial fraud, and human and drug trafficking. To this end, the CTA requires Reporting Companies (defined below) in the US to file reports to disclose information about all of their beneficial owners.
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