Congress Passes Corporate Transparency Act

With the bipartisan support of the U.S. Chamber of Commerce and law enforcement at both the state and federal levels, the Corporate Transparency Act ("CTA") was approved by Congress with a veto-proof majority in December 2020. The CTA requires corporations and limited liability companies to disclose to law enforcement and others with legally mandated anti-money laundering responsibilities (e.g. financial institutions) information on who is the real, natural person (beneficial owner) who owns and controls an entity at the point of formation and update such information upon any change.

• The name, address, date of birth and driver's license or other identification number for the beneficial owner is required