On January 1, 2021, as part of its annual defense spending bill, U.S. Congress passed the Corporate Transparency Act, which requires certain domestic and foreign companies to file beneficial ownership information with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network. The CTA is intended to combat the formation of anonymous shell companies by creating a national database identifying the real, natural owners (that is, the “beneficial owners”) of certain domestic and foreign companies.
Read the full post at Wiley: AML Compliance Update: Congress Passes Corporate Transparency Act
