FinCen Advisors FAQ

Under the Corporate Transparency Act (CTA), the following entities are generally required to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN): Corporations, LLCs, and Other Similar Entities: This includes corporations, limited liability companies, and other entities that are created by filing a formation document with a state office, such as a secretary of state. Foreign Entities: Certain foreign entities that are registered to do business in the United States must also report beneficial ownership information to FinCEN. The CTA aims to cover entities that might otherwise be used to conceal ownership and control to facilitate illicit activities. Entities need to review the CTA’s provisions or consult with legal counsel to determine whether they are subject to the reporting requirements or if they qualify for any exemptions.