The Corporate Transparency Act (CTA)’s Beneficial Ownership Information Reporting Requirements: What Do Community Associations Need to Know?

/ Owner - October 11, 2023

In 2021, Congress passed a law to create more transparency as to the individuals that control organizations and corporate entities. The Corporate Transparency Act (“CTA”), adopted in 2021, may begin affecting community associations on January 1st, 2024. Pursuant to the CTA, the Financial Crimes Enforcement Network (“FinCEN”) has enacted a new rule to primarily combat money laundering, tax fraud and the financing of terrorism. While both problems seem far removed from the operations of community associations, FinCEN’s regulations appear to cover most community associations and their directors and officers in newly adopted reporting requirements.   Read the article……………………………

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