Financial Secrecy Under Attack in the United States: Final Regulations Issued for Beneficial Ownership Information Reporting

calendar iconJanuary 4, 2023

The Corporate Transparency Act (CTA) was enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021 to provide uniform Beneficial Ownership Information (BOI) requirements for entities registered to conduct business in the United States. The CTA is part of the Anti-Money Laundering Act of 2020. The proposed BOI regulations were issued on December 7, 2021, and final regulations were issued on September 30, 2022. The new BOI regulations are effective as of January 1, 2024.

The recent International Tax Journal article, authored by Cherry Bekaert’s Michael Cornett, Director in the firm’s International Tax practice, examines the final regulations for the BOI reporting requirements, penalties, exempt entities and more.

For questions about the final BOI regulations or other international tax matters, contact your Cherry Bekaert advisor or Michael Cornett.

This article is reprinted with the publisher’s permission from the International Tax Journal a bi-monthly journal published by WOLTERS KLUWER. Copying or distribution without the publisher’s permission is prohibited. To subscribe to the International Tax Journal or other WOLTERS KLUWER Journals please call 800-449-8114 or visit

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