The CTA, a component of the Anti-Money Laundering Act of 2020 implemented by FinCEN, was enacted to prevent money laundering, terrorist financing, and other illicit activities. It takes effect January 1, 2024. By increasing the information reported on business entities, the CTA aims to prevent the exploitation of U.S. corporations and LLCs for criminal gain and assist law enforcement in detecting criminal activity. The CTA requires companies, beneficial owners, and business applicants to file information with the U.S. Department of the Treasury. During this panel, we will explore:

• Understanding the compliance requirements related to the CTA
• Understanding the potential penalties for failing to report
• Breaking down the Beneficial Ownership Reporting rules under the CTA