Throughout history, businesses created in the United States were not required to maintain transparency about the names of their shareholders or Ultimate Beneficial Owners (UBOs) with the state. The secrecy of this information may seem harmless, but the truth is beyond that. The truth is that a lack of transparency led to many problems, among which anonymous shareholders controlling businesses was one of the biggest issues. These shareholders often created shell companies to disguise their illicit funds. Looking at these circumstances, Congress realized the need to collect beneficial ownership information (BOI) from business entities in the US. Here is all you must know about this new endeavor. About the Corporate Transparency Act CTA, better known as the Corporate Transparency Act, is a recent legal endeavor in the US federal law that aims to increase business ownership transparency. The companies that come to life in the US must provide the Financial Crimes Enforcement Network (FinCEN...