Changes to Corporate Transparency Act (CTA)

Business News:

Upcoming changes associated with the Corporate Transparency Act (CTA), which will come into effect in January 2024.

The CTA introduces some new rules that apply to specific types of companies, including corporations, limited liability companies, and similar entities operating in the United States. These rules require these entities to report information about their true owners or controllers.

This information will be collected by the Financial Crimes Enforcement Network (FinCEN) and shared with authorized government agencies and financial institutions. Rest assured that these processes will be subject to robust safeguards and controls to protect your privacy and data security.

The primary goal of the CTA and its associated regulations is to provide crucial information to law enforcement, national security agencies, and other authorities. By doing so, it aims to help prevent individuals with criminal, terrorist, or corrupt intentions from using the United States as a safe haven for hiding illicit money or assets.

We understand that regulatory changes can be complex, but please know that Innovation Bookkeeping is here to assist you with the new reporting requirement and will do our utmost to ensure that you have the guidance and support needed to comply with these new requirements seamlessly.

For more detailed information about the CTA and its connection to the Anti-Money Laundering Act of 2020 (AML Act), please refer to the AML Act page.

For more details regarding the Beneficial Ownership Information Reporting requirement, please visit the FinCEN BOI page or the FAQs page.