FinCEN has created a page on its website about the Corporate Transparency Act (CTA), approved in September 2022.

In September 2022, the United States approved the Corporate Transparency Act (CTA), which establishes uniform beneficial ownership disclosure requirements for certain types of corporations, limited liability companies, and other similar entities formed or registered to do business in the United States. This law is one of the key measures in the fight against financial crimes and terrorism.

As of January 1, 2024, every company must disclose information about its beneficial owners, especially for foreign companies operating in the US, according to the CTA. This means that companies must provide information about the individuals who control their finances and make strategic decisions. Disclosure of information about beneficiaries will help the Federal Financial Crimes Enforcement Service (FinCEN) to more effectively fight financial crimes such as money laundering, corruption, terrorism and others.

In this regard, the Federal Financial Crime Enforcement Service (FinCEN) has created a page on its website that contains information about the Corporate Transparency Act (CTA) and its requirements. On this page, companies can view detailed information about which types of companies are subject to CTA requirements and what data must be disclosed.

This page also contains information about the register of beneficial owners maintained by FinCEN. This register will contain information about the beneficial owners of companies, which must provide such information in accordance with the requirements of the CTA. The register will be used by the Federal Service for Combating Financial Crimes and other competent authorities to combat financial crimes, including money laundering, terrorist financing and other criminal acts.

In addition, the FinCEN page also contains information on the procedure for applying for inclusion in the register of beneficial owners. Companies will be required to provide information on their beneficial owners within 2 months of registration and then update this information every year.

The CTA also requires companies to review their beneficial ownership information on a regular basis and update it as necessary. This will help keep the data up-to-date and ensure its accuracy.

Failure to comply with the CTA may result in serious legal consequences, including fines and sanctions. Therefore, companies should take CTA requirements seriously and make sure they provide up-to-date information about their beneficial owners.

The Corporate Transparency Act (CTA) is an important step in the fight against financial crime and terrorism. It will help improve business transparency and prevent companies from being used for illegal purposes. Creating a page on the FinCEN website about CTA requirements will help companies get all the information they need and make sure they are compliant with the law.

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