Understanding the Corporate Transparency Act

The Corporate Transparency Act, introduced by the U.S. Congress in 2021, is a bipartisan effort aimed at combating illicit finance. This groundbreaking law mandates that certain companies operating in the United States disclose information about their beneficial owners – the individuals who directly or indirectly control the company. As of January 1, 2024, businesses falling under the purview of this legislation must comply with the new reporting requirements enforced by the Financial Crimes Enforcement Network (FinCEN).

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