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The registration is part of the Corporate Transparency Act, an anti-money laundering statue passed in 2021. ... Under the CTA, the owners and part-owners of an estimated 32.6 million small ...
The law, which takes effect Jan. 1, has far-reaching implications for many business owners.
An anti-money laundering law called the Corporate Transparency Act, or CTA, is now back in action after a Dec. 23 court ruling that will require millions of small business owners to register with ...
The National Small Business Association, which earlier challenged the reporting requirements in court, urged FinCEN to give businesses ample time to comply with the requirement. “This decision creates even more uncertainty for the millions of small businesses we represent,” said NSBA President and CEO Todd McCracken.
FinCEN is the regulatory agency tasked with overseeing the Beneficial Ownership Information Reporting (BOIR) system in the U.S. This responsibility was established under the Corporate Transparency Act (CTA), which mandates that certain business entities must disclose information about their beneficial owners to FinCEN.
The Corporate Transparency Act (CTA), enacted in January 2021, introduced new requirements for filing a Beneficial Ownership Information Report (BOIR) to enhance transparency and combat financial crimes such as money laundering and terrorism financing.
Corporate transparency describes the extent to which a corporation's actions are observable by outsiders. This is a consequence of regulation, local norms, and the set of information, privacy, and business policies concerning corporate decision-making and operations openness to employees, stakeholders, shareholders and the general public.
The justices granted an emergency plea made by the Justice Department in the waning days of the Biden administration to allow enforcement of the Corporate Transparency Act, enacted in 2021 to ...