The CTA: How will your info be stored, and who will have access to it?
On December 21, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule describing who will have access to FinCEN’s database containing the names and information of the “beneficial owners” of small and midsize companies (RIN 1545-AB59). Read on to learn what this means for your business.
Background
This new rule is an extension of the Corporate Transparency Act (CTA), which was enacted as part of the Anti-Money Laundering Act of 2020. Under the CTA, most midsize and small corporations and companies must disclose certain beneficial ownership information (BOI) to FinCEN.
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