CTA and Customer Due Diligence: CTA's Impact on Financial Institutions

The new Corporate Transparency Act ("CTA"), as part of the National Defense Authorization Act ("NDAA"), directs the Financial Crimes Enforcement Network ("FinCEN") to establish and maintain a national registry of corporate beneficial ownership information ("BOI"). The CTA is designed to combat illicit activity such as money laundering, terrorist financing, and tax fraud by inhibiting the use of shell companies to facilitate the laundering of criminal funds.

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