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Most common reason for CTA non-compliance by Jan 13, 2025?
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Corporate Transparency Act•5th Circuit•Beneficial Ownership Information•Financial Crimes Enforcement Network•FinCEN
Resolution / Starting Odds
Lack of awareness • 25%
Complexity of filing process • 25%
Privacy concerns • 25%
Other • 25%
Surveys or studies conducted by business associations or FinCEN
Story
Fifth Circuit Reinstates Corporate Transparency Act, Extends BOI Filing Deadline to Jan 13, 2025
Dec 23, 2024, 11:10 PM
The U.S. Court of Appeals for the Fifth Circuit has reinstated the enforcement of the Corporate Transparency Act (CTA), reversing a lower court's nationwide preliminary injunction. This decision by the 5th Circuit means that the requirement for businesses to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN) is back in effect. The CTA, aimed at combating financial crime and enhancing national security, mandates that small businesses disclose personal information about their beneficial owners to FinCEN. The ruling comes just days before the January 1, 2025, deadline for companies existing before January 1, 2024, to comply. In response to the ruling, FinCEN has extended the filing deadline to January 13, 2025, to provide businesses with additional time to meet the new requirements.
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Lack of awareness • 25%
Technical difficulties • 25%
Legal challenges • 25%
Other • 25%
Technical limitations • 25%
Regulatory uncertainty • 25%
Cost of compliance • 25%
Lack of demand • 25%
Cost of implementation • 25%
Complexity of requirements • 25%
Lack of skilled personnel • 25%
Time constraints • 25%
Internal miscommunication • 25%
Resource limitations • 25%
Procedural failures • 25%
Other reason • 25%
Less than 50% • 25%
50% to 75% • 25%
75% to 90% • 25%
More than 90% • 25%
Delayed payments • 25%
Incorrect amounts • 25%
Non-receipt of payments • 25%
Other administrative issues • 25%
Incorrect transaction amounts • 25%
Missing transactions • 25%
Incorrect personal information • 25%
Other • 25%
Binance • 25%
Coinbase • 25%
Kraken • 25%
Other • 25%
Financial Sponsor Fraud • 25%
Identity Fraud • 25%
Document Forgery • 25%
Other • 25%
Retailers • 25%
Gyms • 25%
Streaming Services • 25%
Other • 25%
Technical issues • 25%
Policy changes • 25%
Administrative delays • 25%
Other • 25%