What is the purpose of the Corporate Transparency Act and why is it being implemented across the United States?
The Corporate Transparency Act (CTA) refers to the regulations being added as part of the Anti-Money Laundering Act of 2020 (AML Act). By disclosing Beneficial Ownership information to FinCEN, officials can better monitor and investigate issues where money laundering is suspected to be present. Any international efforts to combat money laundering may also become more […]
What Information is Needed to be Disclosed for The Corporate Transparency Act?
Something that has sparked a lot of conversation surrounding the CTA has been the fact that people will be asked to disclose private/sensitive information about themselves. In order to build a proper network of information to combat money laundering, key identifying information and more may be needed. FinCen is still developing this, but in the […]
The Corporate Transparency Act (CTA) is Here: U.S. National Beneficial Ownership Database Starting Soon
The Corporate Transparency Act (“CTA”) of 2022 will require small legal entities, both domestic and foreign, to file information about themselves and the individuals who formed, own and control them with a division of the U.S. Treasury Department. Certain violations may result in the imposition of civil and criminal liability, including civil fines of $500/day, […]
