By Lexi Woods, Warner Norcross + Judd LLP
On January 1, 2021, Congress passed the Corporate Transparency Act (CTA). To "better enable critical national security, intelligence, and law enforcement efforts to counter money laundering [and] the financing of terrorism," the CTA imposes reporting obligations on "reporting companies." Reporting Companies are required to file reports to the Financial Crimes Enforcement Network (FinCEN) identifying applicants and beneficial owners of an entity.
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