I enjoyed speaking with John Ray of Business Radio-X last week. You can hear the podcast here.
We talked about how our CTA Compliance Hub will allow companies and their attorneys to create free accounts for their individual data and then collaborate securely to prepare beneficial ownership reports.
Surprisingly, many business owners and attorneys are still unaware of the Corporate Transparency Act and the big changes it will impose on corporate governance. The CTA will require more than 25 million U.S. businesses to file a beneficial ownership report with FinCEN, the Financial Crimes Enforcement Network of the U.S. Treasury.
Each beneficial ownership report will contain PII from the company's beneficial owners.
Few companies have provisions in their shareholder agreements and other corporate governance documents to ensure that beneficial owners provide their PII to the company when needed.