FinCEN Seeks Public Comment on Corporate Transparency Act

The Corporate Transparency Act requires certain newly formed and existing corporate entities to identify and disclose information on their “beneficial owners” to FinCEN. This information includes identifying the beneficial owners by full legal name, date of birth, current residential or business address, among other data. FinCEN is now seeking preliminary input on various topics that will be covered under the forthcoming CTA regulations, which will guide FinCEN in its implementation of all aspects of the new rules.