Corporate Transparency Act

E65821

United States federal law beneficial ownership transparency law

The Corporate Transparency Act is a U.S. law that requires many companies to disclose their beneficial owners to the federal government to combat money laundering, terrorism financing, and other illicit financial activities.

Observed surface forms (1)

Surface form	Occurrences
Financial Crimes Enforcement Network beneficial ownership information database	1

Statements (48)

Predicate	Object
instanceOf	United States federal law ⓘ beneficial ownership transparency law ⓘ
accessRestrictedTo	authorized government authorities ⓘ certain financial institutions for customer due diligence ⓘ
administeredBy	Corporate Transparency Act self-linksurface differs ⓘ surface form: Financial Crimes Enforcement Network beneficial ownership information database
appliesTo	corporations ⓘ limited liability companies ⓘ similar entities created by filing with a secretary of state or similar office ⓘ
country	United States of America ⓘ surface form: United States
dateSignedIntoLaw	2021 ⓘ
defines	applicant ⓘ beneficial owner ⓘ reporting company ⓘ
effectiveDate	January 1, 2024 ⓘ
enforcedBy	Financial Crimes Enforcement Network ⓘ United States Department of the Treasury ⓘ surface form: U.S. Department of the Treasury
exempts	certain large operating companies ⓘ certain regulated financial institutions ⓘ certain tax-exempt entities ⓘ
informationReported	current residential or business street address of beneficial owner ⓘ date of birth of beneficial owner ⓘ full legal name of beneficial owner ⓘ issuing jurisdiction of identification document ⓘ unique identifying number from an acceptable identification document ⓘ
jurisdiction	United States government ⓘ surface form: United States federal government
legalBasis	Bank Secrecy Act framework ⓘ
legislativeBody	United States Congress ⓘ
partOf	Anti-Money Laundering Act of 2020 ⓘ National Defense Authorization Act for Fiscal Year 2021 ⓘ
penalty	civil penalties for willful violation ⓘ criminal penalties for willful violation ⓘ potential fines ⓘ potential imprisonment ⓘ
primaryGoal	combat money laundering ⓘ combat other illicit financial activities ⓘ combat terrorist financing ⓘ
purpose	assist law enforcement in identifying the true owners of companies ⓘ enhance corporate transparency in the United States ⓘ protect the U.S. financial system from illicit use ⓘ
relatedTo	anti-money laundering regulation in the United States ⓘ customer due diligence requirements for financial institutions ⓘ
requires	beneficial ownership reports for existing entities within a specified transition period ⓘ initial beneficial ownership reports for new entities formed after the effective date ⓘ reporting of beneficial ownership information ⓘ reporting of individuals who directly or indirectly exercise substantial control over a reporting company ⓘ reporting of individuals who own or control a specified percentage of ownership interests ⓘ updated reports upon changes in beneficial ownership information ⓘ
shortName	CTA ⓘ

Referenced by (3)

Full triples — surface form annotated when it differs from this entity's canonical label.

Corporate Transparency Act → administeredBy → Corporate Transparency Act self-linksurface differs ⓘ

this entity surface form: Financial Crimes Enforcement Network beneficial ownership information database

AMLA 2020 → establishes → Corporate Transparency Act ⓘ

National Defense Authorization Act for Fiscal Year 2021 → hasComponent → Corporate Transparency Act ⓘ