Who is exempt from CTA reporting?

Large operating companies (20+ employees, $5M+ revenue), publicly traded companies, banks, and other heavily regulated entities.

When is the CTA filing deadline?

Existing entities (before Jan 1 2024): Jan 1, 2025. New entities in 2024: 90 days after formation. After 2024: 30 days.

How does the CTA connect to OFAC compliance?

FinCEN's beneficial ownership registry helps identify entities controlled by OFAC-designated persons under the 50 Percent Rule. Financial institutions gain access for compliance.

Corporate Transparency Act (CTA) and beneficial ownership

The Corporate Transparency Act (effective January 1, 2024) requires most US entities to report beneficial ownership information to FinCEN. This creates a national beneficial ownership registry for the first time.

Who must report?

What must be reported?

Entity type	Must report?
LLCs, corporations, partnerships	Yes (unless exempt)
Large operating companies (20+ employees, $5M+ revenue)	Exempt
Publicly traded companies	Exempt (SEC reporting)
Banks and credit unions	Exempt (already regulated)
Registered investment advisers	Exempt

Company information: Legal name, trade names, address, EIN/TIN, jurisdiction. Beneficial owner information: Full legal name, date of birth, residential address, government ID number (passport, driver's license).

Filing deadlines

Entities existing before January 1, 2024: January 1, 2025. Entities formed in 2024: within 90 days of formation. Entities formed after 2024: within 30 days of formation.

Sanctions connection: FinCEN's beneficial ownership registry helps identify OFAC's 50 Percent Rule violations. Financial institutions will gain access to this data for compliance.

Screen your agent's next payment

Check any wallet, name, or entity against OFAC, EU, UN sanctions lists in real time.

Free wallet checker

Frequently Asked Questions

What is the Corporate Transparency Act?: A 2024 law requiring most US entities to report beneficial ownership information to FinCEN. Creates a national UBO registry.
Who is exempt from CTA reporting?: Large operating companies (20+ employees, $5M+ revenue), publicly traded companies, banks, and other heavily regulated entities.
When is the CTA filing deadline?: Existing entities (before Jan 1 2024): Jan 1, 2025. New entities in 2024: 90 days after formation. After 2024: 30 days.
How does the CTA connect to OFAC compliance?: FinCEN's beneficial ownership registry helps identify entities controlled by OFAC-designated persons under the 50 Percent Rule. Financial institutions gain access for compliance.