Corporate Transparency Act (CTA) Update: Beneficial Ownership Reporting FAQs Checklist

Summary

This checklist provides guidance regarding Financial Crimes Enforcement Network (FinCEN) compliance of the Corporate Transparency Act (CTA). In April 2024, FinCEN updated and expanded the Beneficial Ownership Information Reporting Frequently Asked Questions regarding the Beneficial Ownership Information (BOI) Reporting Rule (FAQs), providing insight on BOI access by foreign governments, law enforcement, and financial institutes. See Beneficial Ownership Information (Frequently Asked Questions), FinCEN (Apr. 18, 2024).