The Corporate Transparency Act

The CTA requires private companies - both domestic and foreign - to report information about their beneficial owners to FinCEN to prevent illegal activities such as money laundering and terrorism financing. The CTA exempts certain categories of entities that already disclose this information to other regulatory bodies, as well as certain large operating entities.

Scott, Bill, and Adam will also discuss the penalties for willful false or fraudulent information or willful failure to complete a report, exclusions, reporting deadlines, potential constitutional challenges, enforcement, and the role of law firms in helping companies comply with the new regulations.