Gain insight into CTA regulations and reporting requirements.
The Corporate Transparency Act (CTA) requires certain business entities to submit reports to the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN) disclosing the identities of beneficial owners of reporting companies. Intended to combat money laundering and other financial crimes, the CTA's reporting requirements apply to over 32 million reporting companies in 2024 and an estimated 5 million additional companies per year thereafter. Individual beneficial owners, senior officers, and company applicants can face civil and/or criminal liability for willful failure to provide required information or for providing false information. Determining whether and how to comply with the CTA requires businesses to navigate FinCEN rules defining reporting companies, beneficial owners, and numerous exemptions. This presentation will provide practical guidance helping business owners and officers understand how to navigate the CTA's interlocking definitions and exemptions to determine whether their business entities qualify as reporting companies. This presentation also will provide guidance on who qualifies as a beneficial owner for purposes of CTA compliance and will cover FinCEN's responses to certain frequently asked questions. You also will learn about pending court challenges and potential legislative responses to the CTA that could impact future compliance.
Agenda
Faculty
Vince Farhat
Jeffer Mangels Butler & Mitchell LLP
- Partner, Chair of JMBM’s White Collar Defense & Investigations practice
- Former Assistant United States Attorney, Major Frauds Section
- Adjunct Professor, Loyola Law School
- Can be contacted at [email protected] and (310) 785-5382
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