Gain insight into CTA regulations and reporting requirements.
The Corporate Transparency Act (CTA) requires certain business entities to submit reports to the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN) disclosing the identities of beneficial owners of reporting companies. Intended to combat money laundering and other financial crimes, the CTA’s reporting requirements apply to over 32 million reporting companies in 2024 and an estimated 5 million additional companies per year thereafter. Individual beneficial owners, senior officers, and company applicants can face civil and/or criminal liability for willful failure to provide required information or for providing false information.
Determining whether and how to comply with the CTA requires businesses to navigate FinCEN rules defining reporting companies, beneficial owners, and numerous exemptions. This presentation will provide practical guidance helping business owners and officers understand how to navigate the CTA’s interlocking definitions and exemptions to determine whether their business entities qualify as reporting companies. This presentation also will provide guidance on who qualifies as a beneficial owner for purposes of CTA compliance and will cover FinCEN’s responses to certain frequently asked questions. You also will learn about pending court challenges and potential legislative responses to the CTA that could impact future compliance.
Agenda
CTA Background
- Purpose and Overview
- BOI Reporting Deadlines
- FinCEN Enforcement and Penalties for Non-Compliance
CTA Reporting Requirements
- Required Information
- Reporting Companies
- Overview of Exempt Companies
- FinCEN Identifiers (ID)
Beneficial Owners
- Definitions and Exemptions
- Substantial Control
- Ownership Interest
CTA Frequently Asked Questions
- FinCEN FAQs and Recent Developments
- Exemption Spotlight: Subsidiaries
- Other Common Exemptions
CTA Policy Considerations
- Public Commentary
- Pending Court Challenges
- Proposed Legislative Responses
- Upcoming State Initiatives
Speakers
Vince Farhat,
Jeffer Mangels Butler & Mitchell LLP- Partner and chair of Jeffer Mangels Butler & Mitchell LLP’s White-Collar Defense and Investigations practice
- Previously served as an Assistant United States Attorney (AUSA) in the Major Frauds Section of the U.S. Attorney’s Office for the Central District of California
- Focuses practice on representing companies and individuals in criminal and civil investigations and prosecutions by government enforcement agencies, as well as complex federal litigation and parallel fraud investigations
- Advises companies in connection with complex and sensitive internal
- Frequent keynote speaker and author on topics pertaining to white collar defense and investigations
- Teaches an upper-division course at LMU Loyola Law School titled White-Collar Defense & Investigations Practice
Who Should Attend
This live webinar is designed for attorneys. Other legal professionals may also benefit from attending.
