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The Corporate Transparency Act is a U.S. law aimed at combating money laundering, terrorist financing, and other illicit financial activities by requiring certain entities to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).
Companies registered in the U.S., including corporations, limited liability companies (LLCs), and other similar entities, are required to file the Corporate Transparency Act form if they are considered 'reporting companies' under the Act.
To fill out the Corporate Transparency Act form, you need to provide details about the company, including its name, address, and the personal information of its beneficial owners such as names, addresses, birth dates, and identification numbers.
The purpose of the Corporate Transparency Act is to enhance transparency in corporate ownership, reduce financial crimes, and assist law enforcement agencies in tracking illicit activities.
The information that must be reported includes the names, addresses, date of birth, and identification numbers (such as a driver’s license or passport number) of the beneficial owners, as well as details about the reporting company.
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