MSN Law Office

Client Alert: Corporate Transparency Act Compliance

Corporate Transparency Act Compliance Columbus, Ohio

The Corporate Transparency Act (CTA), which aims to combat money laundering, tax fraud, the financing of terrorism, and other illicit activity through the use of anonymous shell and front companies, has officially gone into effect. This new requirement affects nearly all of our clients by requiring “reporting companies” to report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). New business entities will also have to disclose information about who created the entity or registered it to do business in the U.S.