In 2021, Congress passed the Corporate Transparency Act (CTA), which is designed to bring the U.S. into compliance with international anti-money laundering (AML) standards. The CTA is aimed at combatting anonymous shell companies and opaque ownership structures used to facilitate illicit financial activities in the U.S., such as money laundering and terrorist financing. Under the CTA, certain entities are required to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (“FinCEN”) as of January 1, 2024.