On January 1, 2022, the Corporate Transparency Act (CTA) will enter into force in the United States. As stated in the document, "reporting companies" will be required to file reports annually with the Financial Crimes Agency of the US Treasury Department (FinCEN), disclosing key information about their beneficiaries.
“Reporting company” in the United States is any corporation, limited liability company, or similar entity that is incorporated by filing a founding document with a notified body, or incorporated under the laws of a foreign jurisdiction and registered to conduct business in the United States.
According to the new legislation, companies will have to provide FinCEN with the following information about the beneficiary: name, date of birth, residential address, unique identification number (passport or driver's license). The beneficial owner information of the company provided to FinCEN will be kept confidential in the national registry. In addition, the retention period is extended for at least 5 years after the termination of the reporting company. Information about the beneficial owner of a company in the United States can only be released in accordance with relevant protocols to federal national security, intelligence, or law enforcement agencies. Legal entities that were registered before the entry into force of these provisions will have two years to provide data on the beneficiaries. Legal entities created after the entry into force of the provisions must provide the required information during the creation or registration process. In addition, FinCEN must be informed of any changes during the year.
Congressmen believe that the introduction of new rules on disclosing the beneficiaries of companies will protect the vital national security interests of the United States, as well as bring US legislation in line with international standards for combating money laundering and terrorist financing.
