This article dated February 23, 2021, was written by Ellen Grady and Drew Reitz of Pillsbury Winthrop Shaw Pittman LLP.

“A new federal law will require certain U.S. entities to report the personal information of their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury. . . .

The Corporate Transparency Act (the Act), enacted on January 1, 2021, will impose beneficial ownership reporting obligations on many corporations, limited liability companies, and other ‘similar entities,’ which the Act defines as a ‘reporting company.’ The stated intent of the Act is to establish federal legislation for the collection of beneficial ownership information to protect U.S. ‘national security interests; protect interstate and foreign commerce; better enable critical national security, intelligence, and law enforcement efforts to counter money laundering, the financing of terrorism and other illicit activity,’ among other goals. “