The Anti-Money Laundering Act of 2020, which is part of the National Defense Authorization Act for Fiscal Year 2021 (“NDAA”) and includes the Corporate Transparency Act, became law effective with on January 1, 202.
The Corporate Transparency Act requires certain business entities (each defined as a “reporting company”) to file, the required information on their “beneficial owners” with the Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of Treasury (“Treasury”). The information will not be publicly available, but FinCEN is authorized to disclose the informatio to U.S. federal law enforcement agencies, with court approval, to certain other enforcement agencies, to non-U.S. law enforcement agencies, prosecutors or judges based upon a request of a U.S. federal law enforcement agency, and with consent of the reporting company, to financial institutions and their regulators.
There are 23 types of entities are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies meeting specified requirements, many nonprofits, and certain large operating companies.
Failure to report or providing false information in reporting the beneficial ownership information could result in significant penalties, including but not limited to $500 per day, while criminal penalties include $10,000, imprisonment for up to two years or both.
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