Credit: Shutterstock.com Many Businesses Blindsided by New Anti-Money-Laundering Law
Under the Corporate Transparency Act, businesses will have to reveal ownership information. Failure to comply carries steep fines and the potential for imprisonment.
October 10, 2023 at 08:39 AM
3 minute read
General Counsel and In House Counsel
The original version of this story was published on Corporate Counsel
A new law aimed at ending the United States' notorious reputation as a haven for "shell" companies created to obscure crimes will require tens of millions of businesses to report ownership information for the first time, starting Jan. 1.
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