Scammers have seized on the Corporate Transparency Act (CTA) as the vehicle for their latest ploy to collect personal information and use it for nefarious purposes.

The Better Business Bureau recently alerted the public to watch out for a scam in which perpetrators send an official-looking letter to businesses entitled “Important Compliance Notice” (or something similar). Typically, these letters appear to come from an authoritative-sounding but nonexistent agency, such as the United States Regulations Department, Corporate Transparency Act Division, Process and Filing Center.

The letter states that the recipient has reporting obligations under the CTA. It instructs you to visit a website or scan a QR code to provide the requested business and personal information.

Do not fall for this.

The CTA is a real law. And the government agency charged with enforcing it – the Financial Crimes Enforcement Network or FinCEN – is also real. But the CTA letter that you may receive in your mailbox is not.

To date, FinCEN has given no indication that it intends to send letters to business or individuals requesting information, whether relating to the CTA or otherwise.

If you receive the letter, throw it in the trash and report it the Better Business Bureau’s scam tracker.

You can read more about this scam here: BBB Scam Alert: Watch out for fake "Corporate Transparency Act" compliance notices.

For more information about FinCEN, the CTA and your business’ potential reporting obligations under the CTA, please see our alert: Law Firms Guiding Compliance With Corporate Transparency Act as FinCEN Sets Deadlines.

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