The Corporate Transparence Act was a part of landmark anti-money laundering legislation passed in 2021. It was designed to shift reporting of corporate ownership from a hodgepodge of different financial institutions to the owners or the companies.
As Jamie Schafer , Partner at Perkins Coie explains in this podcast, the goal is to create a national registry of non-public companies that would be transparent to law enforcement. These companies had previously not been required to provide ownership See more +
The Corporate Transparence Act was a part of landmark anti-money laundering legislation passed in 2021. It was designed to shift reporting of corporate ownership from a hodgepodge of different financial institutions to the owners or the companies.
As Jamie Schafer , Partner at Perkins Coie explains in this podcast, the goal is to create a national registry of non-public companies that would be transparent to law enforcement. These companies had previously not been required to provide ownership information, which increased the potential for them to be used for money laundering purposes.
Due to the complexity of the law and the many exemptions, as well as the fact that publicly-traded firms may even have to report entities they control, she urges organizations to read the law carefully to determine whether they will need to report.
Listen in to learn more about the complexities behind whether your organization will have to complete what is, quite often, a fairly simple report. See less -
