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What Is The Corporate Transparency Act?

Enacted by Congress on January 1, 2021, the Corporate Transparency Act (“CTA”) was created for the purpose of bringing the United States into compliance with international AML/CFT Standards by establishing a new framework for the reporting, maintenance, and disclosure of beneficial ownership. The CTA sets a clear federal standard for incorporation practices, protecting vital U.S. national security interests as well as interstate and foreign commerce.


The CTA is designed to provide essential information to the following agencies:

  • National Security
  • National Intelligence
  • Law Enforcement Agencies
  • State, Local and Tribal Officials
  • Financial Institutions

Key Dates

October 23th,
2019
Congress introduces the Corporate Transparency Act of 2019 Introduction of the Corporate Transparency Act of 2019
January 1st,
2021
Congress passes the Corporate Transparency Act on a bipartisan basis.
September 30th,
2023
The Reporting Rule implements Section 6403 of the Corporate Transparency Act. The rule describes who must file BOI reports, what information they must provide, and when they must file reports.
January 1st,
2024
Reports will be accepted starting on January 1, 2024

Complying with CTA Requirements

What the CTA involves

The Corporate Transparency Act was passed to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities. Click the links below for more details.

FAQs

The following questions are directed at and answered by FinCEN. The answers provided by FinCEN do not supplement or modify any obligations imposed by statute or regulation.

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Videos

CLAS provides informational videos to help you navigate the complexities of the CTA. Watch and share this valuable content with your colleagues.

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More About CTA

Key Terms

Key Terms

Unlock essential CTA terminology
for a comprehensive understanding
right here.

CTA: Corporate Transparency Act

BOI: Beneficial Ownership Information

BSA: Bank Secrecy Act in place since 1970

CDD: Customer Due Diligence

FATF: Financial Action Task Force


More Key Terms