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ARTICLE · 01 MARCH 2023

Federal Government To Create Massive New Database

Dickinson Wright PLLC
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Will you be required to submit an image of your driver's license or passport for filing with the federal government? You will if you are involved in the ownership or operation of a business.

United StatesCorporate/Commercial Law
John G. Cameron, Jr.
John G. Cameron, Jr.
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Will you be required to submit an image of your driver's license or passport for filing with the federal government?

You will if you are involved in the ownership or operation of a business.

To quell money laundering, Congress enacted the Corporate Transparency Act ("CTA") as part of the Anti-Money Laundering Act within the National Defense Authorization Act for Fiscal Year 2021.1

Noting that the "United States does not currently have a centralized or complete store of information about who owns and operates legal entities within the United States,"2 the United States Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") issued proposed regulations to implement the CTA to address what it has characterized as the "illicit use of the U.S. financial system."3

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