John Cromie, Chair of Connell Foley's Corporate and Business Law Group, authored the article "Business Owners and Corporate Attorneys Beware: Corporate Transparency Act Imposes Regulatory Regime" for the Fall 2022 issue of USLAW Magazine.
John's article examines the recently passed Corporate Transparency Act (CTA), which was included in amendments to the Anti-Money Laundering Act of 2020 (AMLA). These federal statutes are designed to update and amend the United States’ money laundering laws. As part of this process, the CTA is designed to increase transparency by requiring entities meeting the statutory definitions of “reporting companies” to file “beneficial ownership” and “company applicant” information with the United States Treasury Department’s Financial Crime Enforcement Network. In implementing regulations, the CTA will have a considerable impact, and impose new and significant reporting obligations, on small businesses and entrepreneurs who until now have not had a federal reporting requirement of any kind. These requirements may come as an unwelcome surprise to clients. Practitioners should be aware of the significant obligations and penalties for non-compliance.
To read the article, please click under "Related Materials" below. You may also view the digital edition of the Fall 2022 USLAW Magazine.