Reichard & Escalera Update

The Department of Treasury's Financial Crimes Enforcement Network ("FinCEN") issued a final rule on September 30, 2022 (the "Final Rule") implementing Section 6403 of the Corporate Transparency Act ("CTA"). The same requires certain Reporting Companies (as defined below) to file reports before FinCEN containing beneficial ownership information ("BOI Reports") and company applicant information ("CA Reports"). The purpose of such reports is to counter money laundering, corruption, tax fraud and other illicit activity by collecting information about who owns and operates legal entities within the United States in a centralized database that is solely accessible to U.S. Government departments, agencies, law enforcement, tax authorities and financial institutions.