FinCEN Updates Corporate Transparency Act Guidance: New Clarity for Tribal Entities and Exempted Companies
On June 10, 2024, the Financial Crimes Enforcement Network (FinCEN) released further guidance regarding Corporate Transparency Act (CTA) compliance by updating the Beneficial Ownership Information (BOI) Reporting Frequently Asked Questions (FAQs).
The updates provide clarity on reporting requirements for Indian Tribes and entities formed under Tribal law, as well as clarity regarding exemptions for certain public utilities and large operating companies