Corporate Transparency Act explained

In January 2021, US Congress waded into the fight against money laundering, passing the Corporate Transparency Act. The legislation means US businesses have to file beneficial ownership information to the Financial Crime Enforcement Network or FinCEN making it harder for criminals to hide money in shell companies.

But what does the act mean for financial services firms based in the US or with corporate customers in the US?

  • When will the act be part of business practice?
  • What needs to be filed and by whom?
  • How does it impact KYB and risk processes?

We asked Meredith Beeston, FINTRAIL consultant, to help explain the Corporate Transparency Act.

About the Experts

Meredith Beeston

Meredith thrives on analytically unpacking the complexities of financial crime typologies, international regulation and innovative controls. Meredith’s academic research and public sector background have added to her ability to take an intelligence-led approach to financial crime risk management that is data-driven and tailored specifically to each of our FinTech client’s needs. Every day Meredith strives to give our clients a better understanding of the constantly-evolving financial crime landscape and make sure they are best protected against emerging and pervasive threats.

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