Unpacking CTA Disclosure Complexity With Private Trust Companies

Most family-owned entities will need to comply with beneficial ownership information reporting requirements under the final Corporate Transparency Act (CTA) regulations promulgated by the US Treasury on Sept. 30, 2022, to take effect as early as 2024.

The CTA—Sections 6401–6403 of the Anti-Money Laundering Act of 2020, Title LXIV—authorizes the Financial Crimes Enforcement Network (FinCEN) to collect from reporting companies the identities of their individual beneficial owners to help the government prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illegal activities, and to disclose the collected information to designated government authorities and financial institutions. This new ...