Public Companies Should Pay Attention to the Corporate Transparency Act
Public companies have an exemption from the filing requirements under the new Corporate Transparency Act (CTA) reporting rules. The public company exemption applies to companies that are required to file reports with the U.S. Securities and Exchange Commission (SEC). That exemption, however, is not enough to insulate public companies from having to conduct a compliance review and install new internal controls to comply with the new rules of the Financial Crimes Enforcement Network (FinCEN) that became effective January 1, 2024 (FinCEN Rules).
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