Overview: The Anti-Money Laundering/Corporate Transparency Act, enacted in 2021, requires entities to report business ownership information yearly to the Department of Treasury or face strict penalties. Community associations, also known as homeowners associations, condominium associations, and housing cooperatives, account for more than 350,000 nonprofit, local and volunteer-driven organizations throughout the United States. CAI believes the act unintentionally applies to community associations, and that community associations should be exempt from compliance with the act.    Read the article…………………………….