The Corporate Transparency Act (CTA), which became effective Jan. 1, 2024, requires certain business entities, or CTA“reporting companies,” to report their beneficial ownership information (BOI) and certain related information to the U.S.Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
The CTA aims to combat illicit financial activity, including money laundering, the financing of terrorism, tax fraud and drug trafficking, by creating a centralized database of information about the individuals who ultimately own or control certain businesses that do business in the United States. The CTA generally targets small, privately held businesses and exempts many organizations from its requirements, including large employers and publicly held companies.
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