Welcome to the award-winning FCPA Compliance Report, the longest running podcast in compliance. In this edition of the FCPA Compliance Report, I welcome Frank Tumminello for an in-depth discussion on the Corporate Transparency Act (CTA) and its implications for businesses. They delve into the reasons behind the CTA, a law established under the Anti-Money Laundering Act of 2020, and its importance in enhancing transparency and preventing criminal activities like tax evasion and money laundering. Despite being in effect for nearly a year, there is a lack of awareness, with only 15% of the 40 million affected companies having complied so far. Tumminello explains the Beneficial Ownership Information (BOI) report, its requirements, and the challenges businesses might face in staying compliant. They also touch upon the misconceptions and legal challenges surrounding the CTA, and the efforts of FinCEN to facilitate compliance, including the potential for extended deadlines in hurricane-affected FEMA zones. Lastly, Tumminello introduces 'File Forms,' a platform designed to streamline BOI reporting, highlighting its features, success stories, and the support it offers to businesses navigating these new requirements. Highlights in this Episode · Overview of the Corporate Transparency Act · Purpose and Misconceptions of the CTA · Beneficial Ownership Information Reporting · Constitutionality and Legal Challenges · FinCEN Updates and Compliance Efforts · File Forms: Features and Benefits Resources Frank Tumminello on LinkedIn FileForms Tom Fox Instagram Facebook YouTube Twitter LinkedIn For more information on the Ethico Toolkit for Middle Managers, available at no charge by clicking here. Learn more about your ad choices. Visit megaphone.fm/adchoices
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23 分