December 30, 2021
What is the Corporate Transparency Act?
The Corporate Transparency Act (CTA) is Title LXIV of the National Defense Authorization Act for Fiscal Year 2021.
Under the CTA, businesses must report information about their beneficial owners and information about the persons who form/register the business to the Financial Crimes Enforcement Network (FinCEN), a bureau within the Treasury Department. You can find FinCEN’s website here.
FinCEN is in the process of promulgating regulations to implement the CTA. On December 8, 2021, FinCEN published a proposed regulation.
The CTA is a federal law administered by a federal agency. The Utah Division of Corporations and Commercial Code does not administer this law.
Where can I find the proposed regulation?
You can find the proposed regulation here.
Where can I learn more?
The following are online resources that can help you learn more about the CTA:
- Fact Sheet: Beneficial Ownership Information Reporting Notice of Proposed Rulemaking (NPRM)
- FinCEN Issues Proposed Rule for Beneficial Ownership Reporting to Counter Illicit Finance and Increase Transparency
- The Corporate Transparency Act: Augmented Federal Anti-Money Laundering Legislation Brings New Reporting Requirements of Company Ownership
- The Corporate Transparency Act – Preparing for the Federal Database of Beneficial Ownership Information
How do I contact FinCEN?
You can view FinCEN’s complete contact information here: https://www.fincen.gov/contact
What if I need more help? Please keep in mind that the division cannot give you legal advice. If you need help understanding how the CTA applies to your business, you may consider seeking the advice of an attorney. The Utah State Bar’s Licensed Lawyer referral service can help you find a licensed attorney that meets your needs.