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On January 1, 2021, the U.S. Congress enacted the Corporate Transparency Act (CTA) to provide law enforcement with better tools to combat money laundering. The CTA established new beneficial ownership reporting requirements for both existing companies and companies formed after the CTA takes effect.
The Financial Crimes Enforcement Network (FinCEN) adopted the final rule for implementing the CTA reporting requirements on September 30, 2022 and set the effective date as January 1, 2024. While that may seem a long way off, it is not too early to begin preparations for compliance with the CTA.
Compliance will be critical for all companies that fall within the scope of the CTA, because violations can carry harsh penalties.
Join CSC Associate General Counsel Paul Hodnefield for an hour-long webinar that offers a high-level overview of the CTA and the final FinCEN rule. He discusses what is known about the Act, the FinCEN final rule, and reporting requirements. Specific topics include:
• Effective date
• Deadlines for reporting, corrections, and update obligations
• What constitutes “substantial control”
• Specific information required for beneficial owners and company applicants
• Additional company information requirements
• Penalties for noncompliance
• Issues still to be clarified by FinCEN
