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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 registration is part of the Corporate Transparency Act, an anti-money laundering statue passed in 2021. ... CTA, the owners and part-owners of an estimated 32.6 million small businesses must ...
The law, which takes effect Jan. 1, has far-reaching implications for many business owners.
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. CTA aims to enhance transparency and combat financial crimes by preventing the use of anonymous shell companies for illicit purposes. [24]
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.
United States: Enacted the Corporate Transparency Act (CTA) requiring companies to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), effectively banning anonymous shell corporations and enhancing transparency in corporate ownership.
"When Congress passed the 2021 National Defense Authorization Act, it included a bill called the Corporate Transparency Act ('CTA'). ... (FinCEN), which has responsibility for turning the screws ...
The Corporate Transparency Act originally caught the attention of business owners when it became law in January 2021, said Roger Miller of Mizick Miller & Company, an accounting firm that serves ...