Surviving the Corporate Transparency Act (CTA): A Guide for Small Business Success | ScaleUP USA

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The Corporate Transparency Act (CTA) is a law passed in the United States in 2021 as part of the Anti-Money Laundering Act of 2020. The CTA is designed to enhance transparency in business structures by requiring companies to disclose information about their beneficial owners—those who have significant control over or interest in a company. This information is reported to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Here’s a breakdown of what the CTA entails:

• The primary aim of the CTA is to combat money laundering, terrorist financing, and other forms of illicit financial activities by preventing the use of anonymous shell companies. Before the CTA, it was relatively easy for individuals to hide their ownership or control of a company behind layers of corporate structures, making it difficult for authorities to track the true owners.

• By requiring companies to disclose their beneficial ownership, the CTA aims to increase transparency, reduce financial crime, and ensure compliance with international anti-money laundering standards.

Visit this link for more info > https://www.fincen.gov/boi

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