Begin 2022 with Clearer Vision: Understand the Corporate Transparency Act Proposed Rule

On January 1, 2021, Congress enacted the Corporate Transparency Act (CTA), the purpose of which is to better enable national security, intelligence, and law enforcement agencies to counter money laundering, the financing of terrorism, and other illicit activities that threaten national security. Under the CTA, most domestic businesses and foreign businesses registered to do business in the U.S. will now be required to disclose personal identifying information about their beneficial owners, senior officers, and other control persons to the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN). On December 7, 2021, FinCEN released proposed regulations, seeking to implement the beneficial ownership reporting requirements of the CTA. The comment period is scheduled to end February 7, 2022. Check out this client alert digest to dive deeper into law firm memos and Practical Guidance content in order to better understand the impacts of the CTA.

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Related Content

• Corporate Transparency Act: What Companies Need to Know
  Get an overview of the CTA’s beneficial ownership reporting requirements.

• Disclose or Beware - What the Corporate Transparency Act Means for Investors and Lenders
  Leverage the insights in this article to understand the implications for drafting provisions, including representations and covenants, in equity documents for your real estate clients.

• How Corporate Transparency Act Could Benefit Finance Cos.
  Read this article to see how your client may benefit from the CTA’s reporting requirements.

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