Starting January 1, 2024, many new and existing U.S. and foreign entities will be required to file reports with the Financial Crimes Enforcement Network (“FinCEN”), a division of the U.S. Treasury. These reports are required by the Corporate Transparency Act ("CTA"), a U.S. federal law requiring "Reporting Companies"—a broad category that the U.S. government estimates to include more than 32 million existing entities, both foreign and domestic, as of the law’s effective date and millions more each year thereafter—to file certain beneficial ownership-related information. Reporting Companies that are newly U.S.-formed or U.S.-registered to do business in 2024 will have 90 days from the date of such formation or registration to submit the required data to FinCEN. Reporting Companies that have already been U.S.-formed or U.S.-registered as of December 31, 2023 will have until January 1, 2025 to file. Congress extended FinCEN’s powers and responsibilities in enacting the CTA to establish a database that is "accurate, complete, and highly useful" to aid law enforcement, national security and intelligence actors that will have access to it in their efforts to counter money laundering, terrorism financing, and other illicit activity. Substantial civil and criminal penalties, including imprisonment, apply to covered entities and individuals regarding failure to make complete and accurate filings within the required timeframes.