• The CTA was enacted as part of the Anti-Money Laundering Act (AMLA) of 2020, in an effort to expose illegal activities through information reporting.
• The CTA imposes civil and criminal penalties (fines of $500 per day, up to $10,000 / imprisonment up to two years).

• The CTA may apply to a company with 20 or fewer employees that is formed by filing or registering with the Secretary of State.

• Click the following link for reporting requirements.

[Sound Estate Planning will not be submitting CTA reports on behalf of companies.]