For those institutions in the financial sector, the Beneficial Ownership Information (BOI) database — created as part of the Corporate Transparency Act (CTA) that went into effect in 2024 — was expected to be a value tool in fighting money laundering or other illicit financial activities.
In 2024, there was considerable discussion regarding who was required to file a beneficial ownership report and the BOI database in which all these filings would be stored. Also, there remained questions as to what the relevant deadlines were, with the most critical date being the enforcement deadline that passed on January 1, 2025. Subsequent litigation and changes in the presidential administration have since altered these requirements.
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