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CTA Compliance

CTA Compliance


In 2021, the United States Congress enacted the Corporate Transparency Act (CTA) to combat money laundering through business entities that hide the identities of their principal actors.

Effective January 1, 2024, the CTA requires every individual with a “beneficial ownership interest” (BOI) of a business entity, such as a corporation or limited liability company, with certain exemptions, to report that ownership interest electronically to the Financial Crimes Enforcement Network (FinCEN).

Business owners and individuals who exercise control of a business formed before 2024 have until January 1, 2025, to comply with this reporting requirement.

If you have an ownership interest in or control a business, your attention to this matter is critical.

Willful violations of the CTA’s reporting requirements are subject to severe penalties, including fines of $500 a day, and criminal penalties, including imprisonment for up to two years.

We strongly recommend that you allow us to assist with your CTA compliance or that you otherwise comply with this law. If you own part of a business or exercise control of a business, reach out to our office as soon as possible to ensure you comply with the CTA.

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