Corporate Transparency Act 2024 And Banks. With a stated goal of countering money laundering, the financing of terrorism and other illicit activities (including those of russian oligarchs currently under u.s. A new federal law requires businesses and their owners to disclose personal information and photographs to a federal law enforcement agency,.
The bipartisan corporate transparency act, enacted in 2021, created a legal framework to address this critical gap by requiring many companies doing business. What banks need to know about the new federal reporting obligation.