Deadline Approaching for Corporate Transparency Act Beneficial Ownership Information Reporting

The compliance reporting date for businesses to begin reporting their beneficial owners’ information is quickly approaching. The Corporate Transparency Act (CTA) requires beneficial ownership information reporting to begin on January 1, 2024. Recent amendments have extended this deadline for certain businesses. Review this client alert digest containing information from law firms, agencies, and other news on CTA’s reporting requirements, reporting company definition, beneficial ownership information reporting data requirements, process for filing beneficial ownership information reports, and key compliance dates.

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Related Content       

• Planning Compliance for Updated FinCEN Reporting Rules
  Understand the compliance obligations for reporting companies and gain insight into the U.S. Department of the Treasury's Financial Crimes Enforcement Network's extension of the deadline for reporting beneficial ownership information.

• The Corporate Transparency Act and Beneficial Ownership Reporting Requirement
  Review this practice note providing an overview of filing requirements under the CTA, including reportable data, exemptions from report filings, and permissible amendments for previously-filed reports.

• U.S. SEC Adopts Amendments to Beneficial-Ownership Reporting RulingsExplore the Securities and Exchange Commission final rules for beneficial ownership reporting which is intended to improve transparency and provide more timely information for shareholders and the market.

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• Trends & Insights provides the latest in news articles and insights documents on trending areas for financial service organizations. Complying with the Corporate Transparency Act Checklist and Compliance with OFAC, AML, and USA Patriot Act Resource Kit are two of the resources available covering key issues, laws, and regulations applicable to in-house lawyers and counsel. Resource kits include helpful articles, practice notes, and templates.
• Financial Institution Regulations State Law Comparison Tool
  Access this tool for federal/state-specific guidance and the ability to compare state laws for banking and non-banking financial institutions in the areas of licensing, capital requirements, AML/CFT guidelines, recordkeeping, supervision, and enforcement authority.
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