On September 29, 2022, the U.S. Treasury’s Financial Crimes Enforcement Network issued a final rule implementing the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements (Final Rule). The CTA was initially enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021 in January 2022, with an effective date of January 1, 2024. Among other things, the Final Rule requires identification of both BOI and the identity of the individual who directly files or manages filing of the document that creates the company. Failure to accurately and timely file BOI can result in civil and criminal penalties. The Final Rule was implemented after years of bipartisan efforts to bolster corporate transparency in order to help prevent money laundering, terrorist financing, fraud, corruption, and other illicit activities in the U.S.
Join Lowenstein's Robert A. Johnston Jr. and Paula Ladd for a discussion on the Corporate Transparency Act and beneficial ownership reporting requirements.
Speakers:
- Robert A. Johnston Jr., Partner, Lowenstein Sandler LLP
- Paula Ladd, Counsel, Lowenstein Sandler LLP
Time: 12-1 p.m. ET
