As stated in our recent advisory, the Corporate Transparency Act (CTA) is scheduled to go into effect on January 1, 2024. At a high level, this is an anti-money laundering rule enacted by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury. Starting January 1, 2024, United States entities and foreign entities registered to do business in the United States will be subject to the beneficial ownership reporting requirements of the CTA, unless they are exempt.
During this presentation, Buchanan attorneys Brian North, Steve Smith, Jared Johnson, and Jennifer Rodriguez, described the companies that are subject to these new reporting requirements, the available exemptions, the information that must be gathered and reported, the filing process, and the civil and criminal penalties for non-compliance.
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