Corporate Transparency Act Reporting Rules: What You Need to Know
Holland & Knight hosted a webinar looking at final regulations from the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) implementing the beneficial ownership information (BOI) reporting requirements of the Corporate Transparency Act (CTA). The federal law establishes, for the first time, a national beneficial ownership registry, and it requires FinCEN to establish, maintain and secure a centralized and nonpublic database of BOI that may be accessed by law enforcement and certain financial institutions for customer due diligence purposes. During this session, attorneys Andrea Darling de Cortes, Alan Granwell, Eddie Jauregui and Elena Otero provided an overview of the CTA and BOI reporting requirements, such as who must file a BOI report, who is considered a beneficial owner and what information must be disclosed. They also discussed how FinCen will enforce the new provisions and offered suggestions and best practices for those affected by the new rules.