Corporate Transparency Act

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Corporate Transparency Act

Program originally presented Tuesday, September 26, 2023

Congress enacted the Corporate Transparency Act (“CTA”) at the beginning of 2021. The CTA represents the most significant anti-money laundering legislation adopted in the United States since 2001 and is intended to improve financial transparency and to combat the use of anonymous entities, such as corporations and limited liability companies, for illicit purposes such as money laundering, tax evasion and the financing of terrorism. Treasury’s Financial Crimes Enforcement Network, “FinCEN”, released final regulations implementing the disclosure component of the CTA on September 30, 2022 (the “Final Disclosure Regulations”), outlining the regulatory framework requiring “reporting companies” to disclose to FinCEN identifying information about their “beneficial owners” and “company applicants.”   

This CLE presentation briefly outlines the context of the global push towards financial transparency and the international and domestic pressures faced by the United States to take action on financial transparency. The speaker then summarizes the CTA and the Final Disclosure Regulations, the entities to which it applies, the information that is required to be reported and other important aspects of the Regulations. Finally, receive a summarization of the American College of Trust and Estates Counsel’s (ACTEC) comments to FinCEN’s Notice of Proposed Rulemaking for Proposed Regulations issued in December 2021, which focused specifically on the application of the Regulations to private trusts.

Attend this program for an examination of the recently enacted the Corporate Transparency Act (“CTA”), the reporting requirements and other important aspects of the Regulations.

Featured Speaker:
Michael A. Breslow, Esq.
Heckscher, Teillon, Terrill & Sager, P.C.

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