The Corporate Transparency Act and Beneficial Ownership Reporting Requirement for Non-Financial Companies

Newly formed companies in the United States, defined as a reporting company, must file reports to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department on the companies’ beneficial owners. Understand the reporting requirements under the Corporate Transparency Act (CTA) with this detailed practice note, written by Jonathan B. Wilson, Partner at Taylor English Duma and The FinCEN Report Company. The practice note discusses the CTA requirements and provides guidance on which entities are reporting companies, what reporting information is required by FinCEN, and exempt entities. Access today and determine your companies’ readiness for this new regulatory reporting requirement that takes effect on January 1, 2024.

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Related Content          

• The Corporate Transparency Act and the Access NPRM
  Review this article providing highlights of the CTA and analysis on how entities may obtain access to beneficial ownership information filed under the CTA.

• US FinCEN issues final rule on beneficial ownership requirements
  Explore this article for the background of FinCEN’s final rule requiring U.S.-based companies to disclose and report Beneficial Ownership Information (BOI). The article also provides an overview of the BOI reporting requirements.

• Customer Identification and Due Diligence Requirements Pursuant to the Bank Secrecy Act
  Read this practice note for key information on customer identification and additional due diligence requirements imposed under the recent FinCEN BOI reporting rule.

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