The Corporate Transparency Act (“CTA”) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the United States. Beginning in 2024, in an effort to create a national database for use by national security and law enforcement agencies to prevent the use of shell companies for criminal activity, organizations will be required to report information about their beneficial owners to the Financial Crimes Enforcement Network (“FinCEN”). Generally speaking, the requirement applies to corporations, limited liability companies, limited partnerships, and any entity whose existence is created by a filing with the Secretary of State.
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