Unmasking Beneficial Ownership: Corporate Transparency Act Implications for CRE

The Corporate Transparency Act (CTA) was passed in 2019 to address the use of legal entities in money laundering, the financing of terrorism, and other illegal activities. Commencing on its effective date of January 1, 2024, the CTA will require affected legal entities to disclose information about their beneficial owners and controlling parties to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). The CTA is set to impact an estimated 32 million companies, including most commercial real estate entities. In this episode, Russ Robertson and Trevor Tullius join James O’Brien for a discussion on what this means for the industry and why commercial real estate owners should begin preparing now in order to comply with the reporting requirements.