Speaker, Gibbons Academy, "Implementing Regulations of Corporate Transparency Act: A Primer on the Reporting and Other Requirements for Corporate Entities"

The Corporate Transparency Act became law on January 1, 2021, and is a federal statute intended to prevent and limit money laundering, terrorist financing, corruption, tax fraud and other similar illicit activity throughout the United States. For most new and existing corporate entities, the Act requires the filing of a report with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) that discloses information on the entity’s beneficial owners. The Department of the Treasury published the final implementing regulations on September 30, 2022, which become effective January 1, 2024.

This presentation will provide:

• additional background on the purpose of the Act,
• an overview of the rule requirements and applicability, and
• explain the potential effects of the regulations on firm clients and the firm itself.