Reporting companies created or registered before January 1, 2024 will have one year (until January 1, 2025)
Corporate Transparency Act − Beneficial Ownership Information
Effective January 1, 2024, the Corporate Transparency Act (CTA) will require certain types of companies, both domestic and foreign, that do business in the United States to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN).
BOI reports will require reporting companies to identify the entity, company applicants, and its beneficial owners that control at least 25% of the ownership interest including name, birthdate, address, and an image of an acceptable identification document.
The CTA authorizes FinCEN to collect BOI and disclose it to authorized government authorities and financial institutions, subject to effective safeguards and controls, as part of the Anti-Money Laundering Act of 2020 (AML Act) to help prevent the concealment of illicit money or other property in the United States.