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The Corporate Transparency Act compels US corporations, limited liability companies (LLCs) and other similar enterprises (the “Reporting Companies”) to disclose US and non-US Person Beneficial Owners to the Financial Crimes Enforcement Network (FinCEN) of the Department of the Treasury.
Enacted by the US Congress at the end of 2020 and further elaborated by the notice of final and proposed rule-making (NPRM) released by FinCEN on 29 September 2022 and 7 December 2021, respectively, the Corporate Transparency Act requires Reporting Companies to register on a non-public registry all natural persons who exercise “substantial control” and/or own 25% or more of the Reporting Company. Pursuant to the draft confidentiality regulations released on 15 December 2022, the registry's Beneficial Owner Information will be made available to other federal agencies for purposes of law enforcement and, in limited circumstances, to other governments pursuant to an administrative request and to banks and other financial institutions for limited customer due diligence purposes. On 29 September 2022, Paul spoke at a Lexology Webinar entitled Tax Transparency and Information Disclosure Regime, during which he discussed the incoming Corporate Transparency Act |
The Corporate Transparency Act Starter FAQs – The Genesis of a National Beneficial Owner Registry |
For more information on the Corporate Transparency Act please refer to the resources provided
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