CORPORATE TRANSPARENCY ACT (CTA) –Deadline of 1-1-25 is fast approaching!
The purpose is to detect and combat money laundering and terrorist finance along with tracking the money. It is meant to safeguard our national security and US Financial System.
The Act came into effect in January 2024 and businesses are expected to file a Beneficial Ownership Insurance (BOI) report to the US Department of Treasury Financial Crimes Enforcement Network (FinCEN) by January 1, 2025.
This act applies to corporations, LLC’s, and other entities that were created by filing a document with the secretary of state. There are 23 exemption categories from filing:
Securities reporting issuer. …
Governmental authority. …
Bank. …
Credit union. …
Depository institution holding company. …
Money services business. …
Broker or dealer in securities. …
Securities exchange or clearing agency…
Other Exchange registered entity…
Investment company or investment advisor…
Venture capital fund advisor…
Insurance company…
State licensed insurance producer… and many others
Here is a link for filing your registration on line: https://boiefiling.fincen.gov/
Fore more information please contact: https://fincen.gov/boi