| | January 1, 2024 The Corporate Transparency Act (“CTA”) was enacted as part of the National Defense Authorization Act for Fiscal Year 2021 (“NDAA”). The CTA is intended to combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, thereby protecting U.S. economic prosperity. The database that will be created as a result of the CTA’s requirements is intended to aid law enforcement with investigations and mitigate risks as quickly as possible. While these intentions are good, the impact of the CTA is expected to be drastic and jarring. The number of legal entities already in existence in the U.S that may now need to report information on themselves, their beneficial owners, and their formation or registration agents is in the tens of millions. Beginning January 1, 2024, newly created companies that fall under the umbrella of the CTA will be required to report immediately. Existing entities will have one year to report... 
| |