The Corporate Transparency Act (CTA), enacted by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), took effect on January 1, 2024. Designed to enhance corporate transparency, the CTA seeks to prevent and combat illicit financial activities such as money laundering and tax evasion, curbing the use of shell corporations to conceal and move illicit funds. The act introduced new reporting requirements for limited liability companies (LLCs), corporations, and other business entities that have historically been exempt from such disclosures, with significant penalties for non-compliance.
Since its inception, the CTA has been a subject of national debate and controversy, raising legal uncertainties and challenging traditional views on confidentiality, making it critical to understand and prepare for its potential implications.
Bridgeford Trust Company remains committed to closely following the CTA’s developments and providing timely updates. This page will be regularly updated with new insights and guidance as the CTA evolves. We encourage you to explore the resources below, and if you have any questions, feel free to reach out via our contact form or by calling us at (605) 224-9189.
