In 2021, the U.S. Congress enacted the Corporate Transparency Act (CTA) as part of the National Defense Authorization Act. The CTA, under Title LXIV, was set in motion to fight illicit activity, including money laundering, tax fraud, and financing for terrorism. With the new legislation, companies that meet certain criteria must file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).