Posts Tagged ‘Beneficial Ownership Information’

At the beginning of this year, the Corporate Transparency Act (“CTA”) became effective. The CTA is intended to aid law enforcement in combating illicit activity, such as money laundering and terrorist financing, conducted through anonymous shell companies. It does so by mandating certain entities, primarily small or medium size businesses, to report “beneficial owner” information to the Financial Crimes and Enforcement Network (“FinCEN”). The CTA authorizes FinCEN, a Bureau of the US Treasurer Department, to collect, protect and disclose this information to authorized governmental authorities and financial institutions in certain circumstances. Reporting companies under the CTA include corporations, limited liability companies… read more »