Navigating the Corporate Transparency Act: Implications for Small and Large Law Firms - USI Affinity

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Navigating the Corporate Transparency Act: Implications for Small and Large Law Firms

Effective on January 1, 2024, Congress launched their most recent effort to combat money laundering and other financial crimes - The Corporate Transparency Act (“CTA”).

The Corporate Transparency Act (“CTA”) requires certain entities to report their “beneficial ownership” information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury.

The CTA's beneficial ownership reporting requirement will apply to many law firms and their clients. This article explains the beneficial ownership reporting requirement and which law firms may be exempted from the requirement, examines compliance considerations and procedures, and provides sources for more helpful information about the CTA.

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