Reporting Requirements Under The Corporate Transparency Act

The Financial Crimes Enforcement Network of the Department of the Treasury (FinCEN) issued final regulations under the Corporate Transparency Act (CTA) which, effective January 1, 2024, require most companies (i.e., corporations, limited liability companies or other similar entities) formed or registered to do business in the United States to disclose certain "beneficial ownership information" (BOI). These regulations apply to foreign companies that are registered to do business in the United States and companies formed in the United States (whether or not they are formed or controlled by a foreign individual or company).

The CTA was enacted to counter, among other things, money laundering and financing of illegal activity by making it more difficult for bad actors to conceal their ownership of companies doing business in the United Sates.