BSA-AML Examiner School eBook

Internal Use Only

Corporate Transparency Act (CTA)

Requirements: • Certain companies in the U.S. to report their BOI to FinCEN. • Reporting requirement will begin on January 1, 2024.

• Law enacted on January 1, 2021 • Part of the National Defense Authorization Act • Aims to enhance transparency & combat ML, TF, corruption, tax fraud, and other illicit activities.

Internal Use Only

Beneficial Ownership Information (BOI) Three Phases: 1. Who needs to register with FinCEN's national database? 2. Who has access to the national database? 3. FinCEN has until 2025 to develop new CDD rules – until then the same requirements need to be met by FIs