Shoring Up the Financial Crime Monitoring Ecosystem: How the Corporate Transparency Act Affects Ownership Disclosure for Domestic and International Companies

The Corporate Transparency Act (the “CTA”) went into effect on January 1, 2024, and requires “reporting companies” in the United States to disclose certain types of information about their “beneficial owners” (“BOI Report(s)”) to the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”).