The Corporate Transparency Act (“CTA”) imposes new federal reporting obligations on certain companies, including information on the beneficial owners of those companies. The CTA has been characterized by some as the most significant anti-money laundering reform in a generation and, as the legislation itself states, will help bring the United States into closer alignment with international standards concerning anti-money laundering and countering terrorism financing. The CTA is an important development that will likely serve as a significant deterrent to registering in the United States by those seeking to conceal ownership information. It will also impose a new and unfamiliar reporting requirement on millions of U.S. businesses, especially small businesses, but there are a number of reporting exceptions that companies should evaluate.
Foley Hoag has prepared a comprehensive review of the CTA’s requirements that will be helpful to both impacted companies and their advisors.
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