What is the Corporate Transparency Act (CTA)?

The Corporate Transparency Act, enacted in 2021, targets illicit activities such as money laundering, tax fraud, and financing for terrorism by seeking to provide law enforcement with additional ownership information and details identifying individuals who are associated with reporting companies.

Related FAQs

• What is the Corporate Transparency Act (CTA) Beneficial Ownership Information (BOI) reporting rule?
• What is FinCEN?
• What is the FinCEN beneficial ownership reporting rule?
• If my company must make a FinCEN beneficial ownership report, when is it due?
• What is a “company applicant” under the FinCEN beneficial ownership reporting rules?
• Are some companies exempt from the FinCEN beneficial ownership reporting rule?
• How does the FinCEN beneficial ownership reporting rule “large operating company” exemption work?
• Do wholly owned subsidiaries have to file the beneficial ownership report to FinCEN?
• What is a “FinCEN identifier?”
• If required, how can I file a FinCEN beneficial ownership report for my company?
• What information must be included in a FinCEN beneficial ownership report for the reporting company?
• What information must be included in a FinCEN beneficial ownership report about each beneficial owner of the reporting company?
• What information must be included in a FinCEN beneficial ownership report about its company applicants?
• Do I have to update a FinCEN beneficial ownership report?  If so, when?

Related Resources

• Orrick’s Corporate Transparency Act (CTA) Resource Center
• Orrick’s FinCEN Beneficial Ownership Reporting Tool
• FinCEN Beneficial Ownership Information (BOI) Website
• FinCEN Beneficial Ownership Information Reporting FAQs
• FinCEN Small Entity Compliance Guide