The Corporate Transparency Act (CTA) is designed to stop bad actors from hiding behind anonymous companies. Several government agencies play a role, but the most important name to know is FinCEN. Here’s how they and other agencies are involved:

1. FinCEN (Financial Crimes Enforcement Network)

• Role: FinCEN is the lead agency. It collects, stores, and protects the ownership data that companies are required to report.
• Function: It makes sure companies comply and gives access to authorized agencies for investigations.

2. Department of the Treasury

• Role: Oversees FinCEN and helps with the rules and enforcement.
• Function: Ensures the data is used to fight financial crimes like money laundering.

3. Law Enforcement (FBI, DOJ)

• Role: Agencies like the FBI and DOJ use the data to track criminals hiding behind shell companies.
• Function: They access FinCEN’s database to investigate and prosecute crimes like fraud and terrorism financing.

4. IRS

• Role: Uses ownership data to make sure businesses pay the taxes they owe.
• Function: Helps FinCEN remind companies about their filing responsibilities.

5. State Governments

• Role: Help notify companies of their CTA reporting obligations when they register or renew.
• Function: Distribute information and ensure businesses know they need to file.

Together, these agencies work to stop financial crime and increase transparency.

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Is Beneficial Ownership Information reporting publicly available?

No, Beneficial Ownership Information (BOI) reporting is not public. 

The information is stored in a secure, non-public database maintained by FinCEN. It is only accessible to authorized government authorities, such as those above, for specific purposes like national security, intelligence, and law enforcement activities. 

Financial institutions may also access BOI to comply with anti-money laundering requirements, but only with consent from the reporting company​​.

In fact, BOI reports are even exempt from the Freedom of Information Act. This data is meant only for a handful of government uses and for specific authorized purposes.

For more info, visit FinCEN.