Navigating the Corporate Transparency Act: Implications for Small and Large Law Firms

JANUARY 19, 2024

The Corporate Transparency Act (“CTA”) – Congress’s most recent effort to combat money laundering and other financial crimes – will go into effect on January 1, 2024. The Act requires certain entities to report their “beneficial ownership” information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury.

The CTA’s beneficial ownership reporting requirement will apply to many law firms and their clients. This article explains the beneficial ownership reporting requirement and which law firms may be exempted from the requirement, examines compliance considerations and procedures, and provides sources for more helpful information about the CTA.

This article was prepared by Aaron M. Barham of the New York City-based law firm of Furman Kornfeld & Brennan LLP. Aaron is part of a team of over 40 lawyers and paralegals devoted to the defense of attorneys and other professionals in malpractice and disciplinary matters, as well as the defense of construction and personal-injury accidents. For more information about the above topic or the authors, please visit: www.fkblaw.com.

We trust that the above article was useful and thought-provoking; however, please note that it is intended as a general guide and opinion only, not a complete analysis of the issues addressed, and readers should always seek specific legal guidance on particular matters.