Article Date:
June 2022

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Alert: A Massive New FinCEN Filing Requirement Is Coming

In a previous article we told you about the Corporate Transparency Act (CTA), a new law passed in 2021 that requires corporations, LLCs, and other business entities to provide information about their owners to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).1


The CTA did not take effect immediately. Rather, Congress gave the FinCEN time to write regulations and also gave businesses a heads-up about the new law.


FinCEN has now issued proposed regulations on how it intends to implement the CTA.2 The new proposed regulations hold several unpleasant surprises for businesses and the lawyers and accounting firms that advise them.


What the CTA Is About


The CTA is part of a major government effort to crack down on corruption, money laundering, terrorist financing, tax fraud, and other illicit activity. The CTA targets the use of anonymous shell companies that facilitate the flow and sheltering of illicit money in the United States.


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