Learn more about the Corporate Transparency Act and its implementing regulations and the new requirements.
On January 1, 2024, the first final rule implementing the Corporate Transparency Act (the CTA) went into effect, which will require certain corporations, limited liability companies, and other similar entities formed or registered to do business in the U.S. to report certain information relating to their beneficial owners, senior officers and controlling persons to the Financial Crimes Enforcement Network (“FinCEN”). Although the CTA exempts 23 entity types from this requirement, the CTA is expected to have a significant impact on small businesses. FinCEN estimates that approximately 32 million entities will need to file a beneficial ownership information report before the end of 2024, many of them small businesses that may not be aware of this new reporting obligation.
This presentation will provide an overview of the CTA and its implementing regulations and the new requirements imposed by these laws, such as which entities will need to file a report with FinCEN, what information needs to be disclosed on a report, when initial reports will be due, and best practices for ensuring compliance in 2024.
Learning Objectives
- You will be able to describe what information is required to be disclosed to the government on a Beneficial Owner Information Report.
- You will be able to discuss why the Corporate Transparency Act and its implementing regulations were passed and what these laws require.
- You will be able to explain which individuals are beneficial owners of a Reporting Company.
- You will be able to identify which legal entities formed or registered to do business in the U.S. are Reporting Companies under the CTA and BOI Rule.
Agenda
Overview of the Corporate Transparency Act (CTA)
Overview of the Beneficial Ownership Information (BOI Reporting Rule)
Key Definitions
- Reporting Company
- Beneficial Owner
- Substantial Control
- Ownership Interest
- Company Applicant
- FinCEN Identifier
Deep Dive Into Certain Exempt Entities
- Large Operating Company Exemption
- Inactive Entities
- Financial Institutions
- Subsidiary Exemption
Speakers
Melissa G. R. Goldstein,
Schulte Roth & Zabel- Special Counsel, Schulte, Roth & Zabel's Washington D.C. office
- Advises banks, broker-dealers, investment advisers, funds, insurance companies and money services businesses, including those involved in global e-commerce and virtual currency, on the anti-money laundering and sanctions regulations, rules and related issues governing their investment and business activities
- Expertise with issues arising out of the USA PATRIOT Act, as amended by the Bank Secrecy Act
- Frequent speaker on anti-money laundering related issues
- Previous attorney-advisor with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) where she assisted in the development of anti-money laundering regulations and guidance, and served as counsel on enforcement actions involving issues such as failure to implement and maintain an adequate anti-money laundering compliance program, failure to register as a money services business, and failure to maintain confidentiality of suspicious activity reports
- J.D. degree, Fordham University School of Law; B.S. degree, with honors, Cornell University
- Can be contacted at 202-729-7471 or Melissa.Goldstein@srz.com
Who Should Attend
This live webinar is designed for CFOs, CEOs, bookkeepers, attorneys, business owners and managers, presidents, vice presidents, directors, supervisors, and human resource professionals.
