Effective January 1, 2024, the Corporate Transparency Act (CTA) requires entities formed or registered to do business in the United States to disclose detailed information about their owners, officers, and control persons to the Financial Crimes Enforcement Network (FinCEN).
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Publications
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04.18.2024Corporate Transparency Act Could Survive 11th Circ. Several WaysThe Corporate Transparency Act is an extensive new anti-money laundering law that went into effect Jan. 1. It requires the disclosure to the U.S. Department of the Treasury's Financial Crimes Enforcement Network of detailed information regarding owners, officers, and control persons by most entities formed or registered to do business in the United States.
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04.08.2024Get Ready for the New York LLC Transparency ActUpdatesOn March 1, 2024, New York Governor Kathy Hochul signed an amended version of the New York LLC Transparency Act, which was originally signed with provisions for amendments in December 2023. The NYLTA will go into effect on January 1, 2026, and it will impose certain beneficial ownership disclosure requirements for limited liability companies formed or authorized to do business in New York.
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03.28.2024Federal District Court Finds Corporate Transparency Act Unconstitutional: What Now?UpdatesOn March 1, 2024, the U.S. District Court for the Northern District of Alabama held that the CTA was unconstitutional because it exceeds Congress’s enumerated powers. As a result, the Alabama district court enjoined enforcement of the CTA as to the plaintiffs in that matter, the National Small Business Association, and one of its individual members.
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01.04.2024CTA Compliance Tip: Spouses and Domestic Partners in Community Property States May Also Be “Beneficial Owners”UpdatesAs discussed in our prior Update on the Corporate Transparency Act, anyone who owns or controls at least 25% of the ownership interests of a CTA reporting company must report their beneficial ownership to the Financial Crimes Enforcement Network.
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12.29.2023Corporate Transparency Act Applied to M&AUpdatesThe Corporate Transparency Act, designed to combat the use of shell companies for illicit purposes and increase ownership transparency in corporate structures, takes effect on January 1, 2024
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12.19.2023Corporate Transparency Act Will Require Disclosure of Senior Officers and Directors of Many US and Foreign CompaniesUpdatesThis Update discusses how the Corporate Transparency Act rules will affect directors and senior officers of CTA reporting companies, in particular. All senior officers, directors and their advisers, and counsel should be aware of these rules and potential implications.
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12.18.2023Gatekeepers Beware: The New US Corporate Transparency Act Could Be a Game-ChangerIn a Financial Times op-ed, Jamie Schafer explains how the U.S. Corporate Transparency Act will require certain corporations, limited liability companies and similar entities to report beneficial ownership information to the Treasury Department for the first time and how the most important aspect of the new law seeks to dismantle the infrastructure that enables money laundering and other related financial crimes.
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12.11.2023Think Public and Large Companies Are Entirely Exempt From the Corporate Transparency Act? Think Again.UpdatesKey portions of the Corporate Transparency Act will take effect on January 1, 2024, requiring an estimated 30 million “reporting companies” to disclose to the federal government information and documentation about the entity’s beneficial owners and keep that information current.
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12.04.2023The Corporate Transparency Act: What To Know and Expect Starting January 1, 2024UpdatesBeginning January 1, 2024, the Corporate Transparency Act will require most entities formed or registered to do business in the United States to disclose detailed information regarding their owners, officers, and control persons to the U.S. Department of the Treasury Financial Crimes Enforcement Network.
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11.27.2023What to Expect in Enforcement of the Corporate Transparency ActArticlesJamie Schafer and Olivia Radics wrote an article for Governance Intelligence detailing what to expect in the enforcement of the Corporate Transparency Act.
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08.01.2023Prepare to Comply With Upcoming Corporate Transparency Act Reporting RulesArticlesDomingo Such and Jamie Schafer wrote an article published in Trust & Estates titled "Prepare to Comply With Upcoming Corporate Transparency Act Reporting Rules" about the implications family offices and their advisors should be aware of regarding new reporting rules stemming from the Corporate Transparency Act.
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12.22.2022FinCEN Issues Proposed Rule for Accessing Ownership Information Under the Corporate Transparency ActUpdatesThe U.S. Department of the Treasury's Financial Crimes Enforcement Network issued a Notice of Proposed Rulemaking to address an outstanding issue in its final rule implementing the beneficial ownership information reporting requirements of the Corporate Transparency Act.
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10.03.2022FinCEN’s Highly Anticipated Beneficial Ownership Reporting Rule Under CTA Effective January 1, 2024UpdatesThe U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued its highly anticipated final rule implementing the beneficial ownership information reporting requirements of the Corporate Transparency Act legislation on September 29, 2022.
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12.20.2021FinCEN Proposed Beneficial Ownership RuleUpdatesOn December 7, 2021, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a highly anticipated proposed rule that would implement key provisions of the Corporate Transparency Act.
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07.14.2021AMLA 2020 Series Part 1: New and Expansive Beneficial Ownership Reporting RequirementsUpdates
This first substantive installment in our multipart series addresses arguably the most significant implication of AMLA 2020: a new and expansive requirement to disclose corporate beneficial ownership, set out by the Corporate Transparency Act.
