Corporate Transparency Act – The Reporting Rule

The Corporate Transparency Act ("CTA") establishes uniform beneficial ownership information reporting requirements for certain types of entities created in or registered to do business in the United States. As part of this legislation, the Treasury Department's Financial Crimes Enforcement Network ("FinCEN") is authorized to collect and disclose certain information to authorized government authorities and financial institutions, subject to identified safeguards and controls. The aim of the CTA and its implementing regulations is to create a central registry of essential information to provide to law enforcement, national security agencies, and others in order to prevent criminals, terrorists, proliferators, and corrupt actors from concealing illicit money or other property in the United States.