Ballard Spahr Forms Task Force to Advise on Corporate Transparency Act Disclosures
Ballard Spahr has formed a task force of attorneys and created a resource center to guide businesses on the requirements of the Corporate Transparency Act (CTA), a sweeping federal law that takes effect January 1, 2024.
Ballard Spahr’s Corporate Transparency Act Resource Center provides easy access to helpful information and practical guidance about CTA compliance and enforcement. The new law requires for the first time that many businesses report to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) the personal identifying information of their ultimate beneficial owners, executives, and other control individuals. The CTA also requires prompt reporting of any changes to previously provided information.
Congress passed the CTA after determining that a lack of beneficial ownership information (BOI) in regulatory reporting posed important money laundering and terrorist financing risks to the U.S. financial system.
Ballard Spahr is advising companies across industries about their obligations under the new law. The CTA task force comprises attorneys with specific experience in corporate governance, business transactions, tax, capital raising, consumer financial services, banking regulation, and anti-money laundering. They monitor key developments and help clients navigate and comply with the new regulatory framework.
Ballard Spahr’s CTA Resource Center provides a central access point for Ballard Spahr CTA-related legal alerts, articles, podcasts, blog posts, upcoming virtual and live events, and other resources. Materials address such topics as how to handle uncooperative beneficial owners, how the law applies to estate planning, and CTA FAQs. The initiative is led by Business and Transactions Department members Laura C. Giles, Wesley R. Robinson, Neal K. Rasmussen, and Brian D. Short, along with Scott L. Diamond of the Finance Department and Peter D. Hardy from the Litigation Department.
For media inquiries, please contact Bill Shralow at 215.864.8195.