FinCEN Issues Final Rule for Beneficial Ownership Information Reporting Requirements Under the Corporate Transparency Act

INTRODUCTION -

On September 29, 2022, the Financial Crimes Enforcement Network (“FinCEN”) issued a final rule (the “Final Rule”) implementing the beneficial ownership and company applicant information reporting requirements set forth in the Corporate Transparency Act (“CTA”). The Final Rule is intended to “protect the U.S. financial system by making it more difficult for bad actors to conceal their financial activities through entities with opaque ownership structures.”