The CTA was enacted in 2021 to enhance the transparency in entity structures and ownership in an effort to combat money laundering, tax fraud, and other illegal activities. One of its key elements, beginning in 2024, will require all “reporting companies” to disclose certain beneficial ownership information (BOI) to the U.S. Treasury’s Financial Crimes and Enforcement Network (FinCEN). Beginning January 1, 2024, “reporting companies” will need to submit a report to FinCEN which contains personal information about the reporting company’s “beneficial owners.”