Corporate Transparency Act Reporting Rules: What You Need to Know

The Corporate Transparency Act (CTA) is federal legislation that, for the first time, implements a national beneficial ownership register. The overall purpose of the CTA is to protect U.S. national security, provide critical information to law enforcement and promote financial transparency and compliance. The CTA requires certain new and existing reporting companies to disclose specific information about their beneficial owners and company applicants to the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) and for FinCEN to establish, maintain and secure a centralized and nonpublic database of beneficial ownership information that may be accessed by law enforcement and certain financial institutions for customer due diligence purposes.

FinCEN issued a notice of proposed rulemaking (NPRM) on Dec. 7, 2021, setting forth proposed rules to implement the beneficial ownership information (BOI) reporting requirements. More than 400 stakeholder comments were received in response to the NPRM. Now, FinCEN has issued final regulations.

Please join Holland & Knight for a webinar where attorneys Andrea Darling de Cortes, Alan Granwell, Eddie Jauregui and Elena Otero will discuss the changes made by the final regulations to the NPRM and what you need to know to navigate these provisions.

Topics include:

• CTA background information
• Who must file a BOI report
• Who is a beneficial owner and a company applicant
• What information must be disclosed in a BOI report
• When must information be disclosed
• What are the penalties for a violation
• Does FinCEN have the funds, equipment and staff to implement these new provisions
• How FinCEN balances broad disclosure rules with reporting company compliance burdens
• Implications, practical suggestions and best practices for impacted closely held entities to navigate these provisions and how these new rules apply to closely held entities in general, the real estate sector and private wealth succession planning
• What's next