What Is The Corporate Transparency Act?
Enacted by Congress on January 1, 2021, the Corporate Transparency Act (“CTA”) was created for the purpose of bringing the United States into compliance with international AML/CFT Standards by establishing a new framework for the reporting, maintenance, and disclosure of beneficial ownership. The CTA sets a clear federal standard for incorporation practices, protecting vital U.S. national security interests as well as interstate and foreign commerce.
The CTA is designed to provide essential information to the following agencies:
- National Security
- National Intelligence
- Law Enforcement Agencies
- State, Local and Tribal Officials
- Financial Institutions
Complying with CTA Requirements
What the CTA involves
The Corporate Transparency Act was passed to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities. Click the links below for more details.
Fact Sheet (Details on Authorized Recipients, FinCEN Identifiers etc.) Laws (Click here to view details on the Act and BOI requirements) Final Rules (Click here to view BOI Reporting requirements final rules)
The following questions are directed at and answered by FinCEN. The answers provided by FinCEN do not supplement or modify any obligations imposed by statute or regulation.
What is beneficial ownership information? Why do companies have to report BOI to the U.S Department of the Treasury? Under the CTA, who can access beneficial ownership information? When do I need to report my company’s BOI to FinCEN?Read More
News & Updates
Regularly updated news feed relating to the CTA.
UCS provides informational videos to help you navigate the complexities of the CTA. Watch and share this valuable content with your colleagues.
More About CTA
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Unlock essential CTA terminology
for a comprehensive understanding
CTA: Corporate Transparency Act
BOI: Beneficial Ownership Information
BSA: Bank Secrecy Act in place since 1970
CDD: Customer Due Diligence
FATF: Financial Action Task ForceMore Key Terms