Prepare to Comply With Upcoming Corporate Transparency Act Reporting RulesPrepare to Comply With Upcoming Corporate Transparency Act Reporting Rules

You’re likely already aware that the 2021 National Defense Authorization Act included a controversial new law, the Corporate Transparency Act (CTA), which directed the U.S. Department of Treasury to promulgate sweeping new corporate beneficial ownership reporting requirements relating to U.S. companies. This law represents the most significant revision to the U.S. anti-money laundering/countering the financing of terrorism (AML/CFT) compliance framework in more than 20 years—since the USA Patriot Act of 2001, which introduced and imposed “Know Your Customer” (KYC) regulations on all banks in the United States and requires financial institutions to comply with rules regarding a “Customer Identification Program” and “Customer Due Diligence...