The Corporate Transparency Act (CTA), effective since January 1, requires non-exempt U.S. entities and non-exempt foreign entities registered to do business in the U.S. to submit beneficial ownership information (BOI) reports to a confidential database maintained by the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). The deadline for compliance is fast approaching. The Act aims to enhance corporate transparency and close loopholes in the U.S. financial system. #FinCEN #corporateownership