The Corporate Transparency Act of 2019 (CTA), enacted as part of the Anti-Money Laundering Act of 2020, requires, for the first time, that certain U.S. legal entities and foreign entities registered to do business in the United States disclose information regarding their beneficial owners and persons who register or form them to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). On Sept. 29, 2022, FinCEN published a final rule (Final Rule) implementing the beneficial ownership information (BOI) reporting provisions of the CTA.[1] Now one year later, FinCEN has published proposed rules and guidance to implement the BOI reporting requirements of the CTA, as described below.
Corporate Transparency Act: Compliance Deadline Approaching for FinCEN’s Beneficial Ownership Information Reporting Requirements
