US Corporate Transparency Act

Effective 1 January 2024, the US Corporate Transparency Act (CTA), introduced under the Anti-Money Laundering Act of 2020, will require most new and existing entities unless specifically exempt to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury. This legislation aims to combat the misuse of anonymous shell companies that facilitate the flow and concealment of illicit funds in the United States.

The CTA carries significant implications for millions of businesses operating in the United States. To support organisations in navigating these new requirements, Grant Thornton Bharat is hosting a webinar to address the prevalent issues businesses face in ensuring accurate reporting to FinCEN. The goal is to mitigate the use of anonymous shell companies that facilitate the flow and sheltering of illicit money in the United States.

Key discussion points

1. Impact of CTA on domestic and foreign companies.
2. Determining which companies are considered reporting companies under CTA.
3. Identification of beneficial owners under CTA.
4. Impact of Non-Compliance of CTA Rules.