Alert -The Corporate Transparency Act (CTA) – An Update (Feb. 2024)

For those who are concerned about who can access the Beneficial Ownership Information (BOI) filed with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and for what purpose, FinCEN has issued a Small Entity Compliance Guide for Beneficial Ownership Information and Access Safeguard Requirements.  This Guide can be accessed at BOI Access and Safeguards SECG (fincen.gov)

The regulations to the Corporate Transparency Act adopted by FinCEN, known as the Access Rule (Access Rule – Federal Register), permits FinCEN to disclose BOI to five types of authorized recipients, including financial institutions, certain federal agencies and regulators, and the Treasury Department, subject to certain limitations, security and confidentiality requirements.  The Fact Sheet explaining the Access Rule can be found at Fact Sheet: Beneficial Ownership Information Access and Safeguards Final Rule | FinCEN.gov

We are poised to assist with your reporting compliance, to determine if a statutory exemption is available for your business, and respond to other CTA-related questions. Please contact your Dilworth attorney or Graham R. Laub, Rosemary J. Loverdi, Roger F. Wood, or Andrea N. Metz of Dilworth Paxson LLP’s Corporate and Business practice.