The U.S. Corporate Transparency Act (“CTA”) was enacted on January 1, 2021 as part of the National Defense Authorization Act and came into effect on January 1, 2024. The CTA requires certain domestic and foreign entities to report beneficial ownership information (BOI) in a federal government registry. Congress assigned the administration and enforcement of the CTA to the U.S. Financial Crimes Enforcement Network (FinCEN). The U.S. seeks to prevent money laundering, financing of terrorism, corruption, tax fraud and other illicit activity by requiring companies to disclose information about individuals who control them. It is estimated that over 32 million existing entities will be impacted by the CTA along with almost 5 million new entities annually.

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I work in tandem with finance, compliance and legal departments to develop, customize, implement, and evaluate internal compliance programs and procedures to ensure compliance with CTA/BOI. My representation includes the following:

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• Advise banks, hedge funds, asset managers, trusts and fund administrators regarding CTA

• Evaluate legal entity structures (including deal structures) for CTA impact

• Counsel and prepare clients for BOI reporting

• Communicate with FinCEN to resolve client issues

• Develop corporate policies and procedures and compliance training

 

For more information, you may contact me via my site contact page or directly via e-mail: elizabeth@elizabethmcmorrowlaw.com.

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