Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. In this edition, Tom Fox welcomes Frank Tumminello for an in-depth discussion on the Corporate Transparency Act (CTA) and its business implications.

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 needs to be more awareness, with only 15% of the 40 million affected companies having complied. Frank 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 difficulties surrounding the CTA, as well as the efforts of FinCEN to facilitate compliance, including the potential for extended deadlines in hurricane-affected FEMA zones. Lastly, Frank introduces ‘File Forms,’ a platform designed to streamline BOI reporting, highlighting its features, success stories, and support to businesses navigating these new requirements.

Highlights in this episode:

Resources:

Frank Tumminello on LinkedIn

FileForms

Tom Fox

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