Common terms and their definitions
Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.
Enacted by Congress in 2021, the CTA requires many companies formed or operating in the United States to report information about their beneficial owners to Treasury's Financial Crimes Enforcement Network (FinCEN), which will store this sensitive information in a secure, confidential database.
The Financial Crimes Enforcement Network is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.
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