The CTA Compliance Seminar

Effective January 1, 2024, most new and existing corporate entities in the United States will be required to file reports on their beneficial owners with Financial Crimes Enforcement Network (“FinCEN”) under the Corporate Transparency Act (“CTA”). Beneficial owners are generally defined as individuals who own or control an entity, either directly or indirectly, which includes individuals who own 25% or more of the company, or any individuals who exercise substantial control over the entity. The reporting rules are designed to prevent financial crimes, including money laundering, corruption, and tax evasion.