June 13, 2023
By: Vincent R. Merola and Destiny L. Bajonero
Counsel Vincent Merola and law clerk Destiny Bajonero co-authored an article on the Corporate Transparency Act (CTA) for OneTrust DataGuidance. In the article, they explore the act’s key provisions and reporting requirements.
They note that the CTA expands upon existing anti-money laundering laws and is intended to promote entity transparency by requiring 'beneficial owners' and 'company applicants' to disclose specific information to the Financial Crimes Enforcement Network (FinCEN) within the Department of the Treasury.
The authors advise entities, beneficial owners and company applicants to proactively assess whether they fall within the scope of the CTA and prepare for the reporting obligations that will commence on January 1, 2024.
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