Insight > Corporate Transparency Act (CTA)
Corporate Transparency Act (CTA)
On March 2nd, 2025, the US Treasury Department issued a press release, expanding on the guidance provided by FinCEN on February 27th, 2025.
At this time, there will be no fines, penalties or enforcement of the Corporate Transparency Act. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.Further information on the suspension of enforcement of the Corporate Transparency Act is available from the US Treasury Department and FinCEN.
Your CTA obligations
Please note that we are unable to advise you of the impact of the CTA without being specifically instructed and engaged to undertake an assessment on your behalf. Please speak to your usual Withers' contact, or click the button here and a member of the team will be happy to help. For further regulatory information, click here.
VIDEO
Corporate Transparency Act: What business owners, directors and trustees need to know about their privacy
The US Corporate Transparency Act (CTA) is an addition to the Bank Secrecy Act that takes effect in January of 2024, and the goal of the CTA is to disclose beneficial ownership and control of companies. It requires a significant number of US businesses formed with secretaries of state to file reports with the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN) from January 2024.
Resources: How will the CTA impact you?
Meet our CTA team
William J. Kambas
Partner | New York
Jaime McLemore
Partner | London
Ivan A. Sacks
Partner | New York
Elizabeth A. Bawden
Partner | Los Angeles
Get in touch
Our website will give you a flavor of the advice we provide - if you would like to talk to us for more information, please contact our client services team who will be happy to assist.