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VIDEO · 21 DECEMBER 2023

Corporate Transparency Act: Is Your Privacy At Stake? (Video)

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The US Corporate Transparency Act (CTA) is an addition to the Bank Secrecy Act that takes effect in January of 2024, and the goal of the CTA...

United KingdomPrivacy
Elizabeth A. Bawden
Elizabeth A. Bawden
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The Corporate Transparency Act: What business owners, directors and trustees need to know about their privacy

The US Corporate Transparency Act (CTA) is an addition to the Bank Secrecy Act that takes effect in January of 2024, and the goal of the CTA is to disclose beneficial ownership and control of companies. It requires a significant number of US businesses formed with secretaries of state to file reports with the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN) from January 2024.

You may be impacted by the CTA

While many have noted the significance of the CTA for large public corporations, those individuals with ownership in limited liability corporations (LLCs), limited partnerships (LPs) and family limited partnerships (FLPs) should also all be aware of their reporting responsibilities under the CTA.

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