The U.S. Chamber just released a new toolkit to help businesses align with the Corporate Transparency Act (CTA). The CTA implements sweeping new corporate ownership reporting requirements for companies that are based in or conduct business in the United States. The law was passed by Congress as part of the 2021 National Defense Authorization Bill as an anti-laundering effort and requires businesses to register and disclose expanded ownership information to the federal government.   

What the CTA does 

• Creates a non-public database of business ownership information that will be maintained by the Financial Crimes Enforcement Network (FinCEN) department of the U.S. Treasury. 

• Broadens previous reporting requirements for U.S. companies and companies doing business in the country to now include “beneficial owners” which could cover any individual who exercises substantial control over important company decisions, including senior officers and general counsels. 

• Beneficial owners must provide name, date of birth, home address, assigned identifying number and issuing jurisdiction. 

The new CTA requirements took effect January 1, 2024. Under the act, small businesses in the United States need to file beneficial ownership information reports (BOIR) with the Department of the Treasury by January 1, 2025. While the reported information will not be accessible to the public, other federal agencies can access it along with state and local law enforcement entities. The U.S. Chamber’s toolkit for adhering to the CTA new law and its submittal requirements can be found here.