On January 1, 2021, Congress enacted the National Defense Authorization Act for Fiscal Year 2021 (NDAA). Contained within the NDAA is the Anti-Money Laundering Act of 2020 (the AMLA), which introduces extensive reforms to U.S. anti-money laundering (AML) and counter-terrorism financing (CFT) laws. Within the AML, Congress passed the Corporate Transparency Act (CTA). The CTA requires certain corporations and limited liability companies (reporting companies) to disclose beneficial owner information to FinCEN and update ownership information within one year of any changes. This new regulatory reporting regime will impact over 25 million existing business entities and millions of new entities each year. Without an awareness of and compliance with these new reporting obligations, noncompliance can result in civil and criminal liability.
Learning Objectives
• Determine who must file a report under the Act and Regulations
• Identify what entities are exempt under the Act and Regulations clarification of company applicant
• Recognize what information must be disclosed about beneficial owners and company applicants
Major Topics
• Corporate Transparency Act
• Anti-Money Laundering Act
• Reporting Companies
• Beneficial Owners
• Information Reported
• FinCEN Storage and Use of Reported Information
• Civil and Criminal Penalties
• Concerns for Lawyers
.png){kind=logo}
