Carta and 19 coalition members author letter to FinCEN

Carta and 19 coalition members author letter to FinCEN

Author: The Carta Policy Team
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Read time:  2 minutes
Published date:  28 August 2023
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Updated date:  7 September 2023
Carta and a coalition of other firms authored a letter to the Financial Crimes Enforcement Network (FinCEN) urging them to include additional guidance in rules for implementing the Corporate Transparency Act.

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. 

Read the full letter here.

*Signatories include:

Athennian
Berkeley SkyDeck
Carta, Inc.
Croke Fairchild Duarte & Beres LLC
Fenwick & West LLP
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP
Johnson & Oshan Law PLLC
Koenig, Oelsner, Taylor, Schoenfeld & Gaddis PC
Menlo Ventures
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo PC
Optimal Counsel LLP
Orrick Herrington & Sutcliffe LLP
Parallel Markets
Perkins Coie LLP
Pilot
“Republic” (OpenDeal Inc.)
SingleFile Technologies Inc.
Tribe Capital
Vela Wood PC
Wilmer Cutler Pickering Hale & Dorr LLP

 

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Author: The Carta Policy Team
Carta’s Policy Team aims to connect the policymaking community and venture ecosystem to build an ownership economy and advance policies that support private companies, their employees, and their investors.