Carta and 19 co-signatories* have written to urge the Financial Crimes Enforcement Network (FinCEN), in its final rulemaking for implementation of the Corporate Transparency Act (CTA), to include methods for covered entities and their intermediaries to easily submit required information. The coalition recommends FinCEN allow an intermediary to furnish data into the FinCEN database on behalf of a covered company, simplify access by offering an appropriate technology-enabled portal to upload said data, allow for batch upload data, and provide clarity on the responsibility of reporting companies to apply.
“The CTA will combat serious financial crimes and allow law enforcement to more easily identify and address illicit financing and the entities that facilitate and benefit from it. The implementation of the CTA will require a substantial shift in the beneficial ownership reporting regime. Providing simple ways to comply online will help covered entities—many of which are early-stage enterprises that may lack the resources and expertise to track and address new compliance matters—comply more quickly and accurately,” said the coalition representing the entrepreneurship ecosystem.
The coalition appreciates FinCEN’s diligent work to implement the Corporate Transparency Act to combat illicit financing and its impacts.
AthennianBerkeley SkyDeckCarta, Inc.Croke Fairchild Duarte & Beres LLCFenwick & West LLPGunderson Dettmer Stough Villeneuve Franklin & Hachigian LLPJohnson & Oshan Law PLLCKoenig, Oelsner, Taylor, Schoenfeld & Gaddis PCMenlo VenturesMintz, Levin, Cohn, Ferris, Glovsky & Popeo PCOptimal Counsel LLPOrrick Herrington & Sutcliffe LLPParallel MarketsPerkins Coie LLPPilot“Republic” (OpenDeal Inc.)SingleFile Technologies Inc.Tribe CapitalVela Wood PCWilmer Cutler Pickering Hale & Dorr LLP