Congressional Hearing Underscores Problems and Uncertainties with Corporate Transparency Regulations

On July 18, 2023, the Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing entitled “Potential Consequences of FinCEN’s Beneficial Ownership Rulemaking”.    The testimony unanimously underscored serious gaps in the rulemaking for the Corporate Transparency Act (CTA).  The Beneficial Ownership Information reporting element of the CTA is scheduled to go into effect on January 1, 2024.