Beneficial Ownership Information Reporting Under the Corporate Transparency Act

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On January 1, 2024, the reporting requirements under the Corporate Transparency Act (CTA) became effective. The CTA was enacted by Congress on January 1, 2021, as part of the Anti-Money Laundering Act of 2020 and requires certain types of entities to report beneficial ownership information (BOI), unless exempt. The design and implementation of the reporting regime was left to the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury.