New FinCEN Beneficial Ownership Reporting Requirements for Private Fund Managers and Other Companies (January 2024)

Nuri Shin FINCEN

The United States Corporate Transparency Act (the “CTA”) was passed by the United States Congress in early 2023 to improve financial transparency and increase the effectiveness of anti-money laundering efforts. However, the CTA will also impose several obligations on millions of entities (each, a “Reporting Company”), including private fund advisers and the private funds they advise (subject to certain exceptions as outlined below) to continuously …