With the implementation of this statute, associations are required to report to the United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA) which was enacted by Congress in 2021 as an expansion of anti-money laundering laws to prevent terrorist financing, corruption, tax fraud, and other illicit activity. This applies to corporations with less than $5 million in assets & fewer than 20 employees.
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