Business Law and Transactions Trending Now - Beware of Fradulent Requests Related to the Corporate Transparency Act


The Corporate Transparency Act (CTA) is set to come into effect on January 1, 2024, and requires many corporations, limited liability companies, business trusts and other business entities to disclose certain ownership information to the Financial Crimes Enforcement Network (FinCEN), which is a bureau within the U.S. Department of the Treasury. While the CTA will require the disclosure of certain personal information, FinCEN has noted that fraudulent actors are utilizing this requirement as part of a new scam. FinCEN has posted the following alert on its website:

Alert: FinCEN has been notified of recent fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. The fraudulent correspondence may be titled "Important Compliance Notice" and asks the recipient to click on a URL or to scan a QR code. Those e-mails or letters are fraudulent. FinCEN does not send unsolicited requests. Please do not respond to these fraudulent messages, or click on any links or scan any QR codes within them.

We will continue to monitor the CTA’s implementation and provide guidance on its requirements. In the meantime, you should never provide your personal information in response to an unsolicited phone call, text message, or email. If you have any questions regarding the Corporate Transparency Act or any emails, text messages, or phone calls that you may receive related to the Corporate Transparency Act, please do not hesitate to contact me or the Aronberg Goldgehn attorney with whom you usually work to discuss.

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