Mr Bryan Hoseok Ok

Bryan Hoseok Ok

Updates

Private Client & Offshore Services

Reporting beneficial owners of certain US companies: details of new Corporate Transparency Act
USA | 04 March 2021

The Corporate Transparency Act (CTA) recently became law. Once implementation regulations are issued, the CTA will require certain new and existing US companies to disclose information about their beneficial owners. There are both civil and criminal penalties for violations of CTA requirements. Given that family succession planning structures may include entities established under the laws of a US state, advisers to international families should familiarise themselves with this new disclosure requirement.