With the Corporate Transparency Act (CTA) set to take effect on January 1, 2024, an estimated 32 million entities will soon be required to report personal information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department. While the law is aimed at curbing money laundering, terrorist
Last month, the Financial Crimes Enforcement Network (“FinCEN”) published proposed regulations to implement the Corporate Transparency Act (“CTA”), which was enacted into law on January 1, 2021. The CTA is designed to help prevent the use of anonymous shell companies in money laundering and other illicit activities by requiring U.S. companies to report personally identifiable