Corporate Transparency Act: How Seriously Should You Take Beneficial Ownership Reporting?

As part of the Anti-Money Laundering Act of 2020, the Corporate Transparency Act (CTA) will soon take effect. The CTA aims to combat money laundering, tax fraud, and other illicit activities by enhancing transparency among small businesses. Starting January 1, 2024, many companies and entities in the U.S. will need to report information about their beneficial owners to the Financial  Crimes Enforcement Network (FinCEN).