22 Apr 2025
FinCEN Exempts U.S. Business From Disclosure Rules
The Corporate Transparency Act (CTA) was enacted as part of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021. It requires certain entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). Since its enactment, the reporting requirements have been subject to significant debate. Recently, FinCEN issued interim final rules exempting certain domestic businesses from these reporting obligations. For a detailed analysis of these interim rules and insights into the future implications of the CTA, refer to this Law360 article.
Related Content
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Examine this tracker for a comprehensive summary of FinCEN's proposed and final rules, regulations, and guidance related to the CTA.
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Get an overview of current filing requirements under the CTA, including details on reportable data, exemptions, and permissible amendments to previously filed reports.
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Explore this outline of key statutory and regulatory reporting obligations for banks under the Bank Secrecy Act, as well as reporting and filing requirements mandated by the Office of Foreign Assets Control.
- Money Laundering State Law Survey
Review this state survey for an overview of laws, regulations, and requirements related to money laundering across all 50 U.S. states, the District of Columbia, and the U.S. Territories.
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