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Welcome to National Corporate Transparency Registration
Our journey began as the CTA evolved over several years, marking the United States as the last developed nation to implement transparency laws for companies. Recognizing the profound impact this law would have on small businesses, including cherished establishments like Mom & Pop shops and aspiring entrepreneurs pursuing the American dream, we couldn't stand idly by.
The penalties for non-compliance with the CTA are significant—$500.00 per day. Concerned for the well-being of countless small business owners who might face fines due to a lack of understanding of the CTA requirements, NCTR was born. Our mission is to assist small businesses in achieving compliance at an affordable cost.
Many CPA and law firms nationwide charge exorbitant fees exceeding $2,000 for CTA compliance assistance. Even FinCEN, in its final report, acknowledges that third-party help could cost as much as $2,145.00 per filing. Recognizing the potential financial burden on businesses, NCTR emerged to provide cost-effective assistance.
Thank you for entrusting NCTR to represent you and your company in navigating the challenges of CTA compliance. Our primary objective is to ensure your business operates seamlessly without disruptions from FinCEN, maintaining compliance throughout the duration of the CTA.
Next Steps:
Our initial step involves obtaining a FinCEN identifier for you as a Beneficial Owner (BO). This unique identifier, assigned by the Department of Treasury's Financial Crimes Enforcement Network, is a mandatory first step in our assistance process.
Once we secure the FinCEN identifier, we'll furnish you with a draft Beneficial Ownership Information Report (BOI) for your verification. This comprehensive report includes entity information, BO details, Company Applicant information, and the FinCEN identifier numbers obtained on your behalf.
You have the option to independently file your BOIR report using the provided draft, or you can engage NCTR for final assistance at a minimal cost. While we would love to offer this final step for free, the complexity and time required for accurate filing necessitate a small fee.
NCTR will keep you informed, notifying you once your company achieves 100% compliance. Going forward, consider NCTR as your protective umbrella guarding against FinCEN and potential penalties. Your business's compliance and success are our top priorities!
What is the Corporate Transparency Act (CTA)?
The Corporate Transparency Act is a U.S. federal law aimed at enhancing transparency and combating money laundering and illicit financial activities. It required certain corporations and limited liability companies (LLCs) to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. This information helps law enforcement agencies track down individuals who may be using shell companies to engage in illegal financial activities.
What is FinCEN?
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.
What is a FinCEN Identifier?
A FinCEN Identifier, also known as a FinCEN ID, is a unique identifier assigned by the Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury, to certain financial institutions and entities. Its primary purpose is to help these institutions comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
How We Use Your FinCEN Identifier?
1. Compliance with Regulatory Requirements: Financial institutions, such as banks, credit unions, money services businesses, and other entities, are often required by law to collect and report information on their customers' financial transactions. The FinCEN Identifier helps these institutions identify and track their customers and report certain transactions to FinCEN.
2. Submit Reports: We use the FinCEN Identifier when submitting various reports to FinCEN. These reports include Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs). The identifier is used to ensure that the correct customer or entity is associated with the report.
3. AML and CTF Compliance: The FinCEN Identifier is essential for ensuring compliance with AML and CTF regulations. It allows financial institutions to track and report on high-value or suspicious transactions and individuals or entities involved in these activities.
4. Government and Law Enforcement Access: Regulatory and law enforcement agencies also use the FinCEN Identifier to investigate potential financial crimes, money laundering, and terrorist financing. The identifier provides a standardized way to access relevant financial information.
5. Information Verification: Financial institutions may use the FinCEN Identifier to verify the legitimacy of customers and counterparties. It helps in due diligence processes and risk assessment.
To obtain a FinCEN Identifier, financial institutions typically need to register with FinCEN and follow their specific procedures and guidelines. Keep in mind that the regulations and requirements surrounding FinCEN Identifiers may change over time, so it's essential to stay updated with the latest information from FinCEN or consult with legal and compliance experts like the National Corporate Transparency Registration (NCTR) to ensure proper compliance.
Assisting Small Businesses in Navigating the Corporate Transparency Act
What are the FinCEN Penalties?
Civil Monetary Penalties (CMPs)
Revocation or Non-Renewal of Entity Status
Civil Monetary Penalties (CMPs)
The CTA authorizes FinCEN to impose civil monetary penalties on reporting companies that fail to comply with the beneficial ownership reporting requirements. The specific penalty amounts can vary based on the nature and extent of the violation, but they can be substantial.
Criminal Penalties
Revocation or Non-Renewal of Entity Status
Civil Monetary Penalties (CMPs)
In some cases, particularly if there is an intentional or willful failure to report accurate and complete beneficial ownership information, criminal penalties may apply. This could include fines and imprisonment.
Revocation or Non-Renewal of Entity Status
Revocation or Non-Renewal of Entity Status
Revocation or Non-Renewal of Entity Status
FinCEN may take action to revoke or refuse to renew the status of entities that fail to comply with the reporting requirements. This could impact the entity's ability to conduct business legally.
Injunctions and Other Legal Actions
Loss of Limited Liability Protection
Revocation or Non-Renewal of Entity Status
FinCEN can seek injunctive relief and take legal actions against non-compliant reporting companies to compel compliance with the CTA.
Loss of Limited Liability Protection
Loss of Limited Liability Protection
Loss of Limited Liability Protection
In some cases, entities that fail to comply with their reporting obligations may risk losing their limited liability protection, which could have significant legal and financial consequences.
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Reputation and Business Risks
Loss of Limited Liability Protection
Loss of Limited Liability Protection
Failure to comply with beneficial ownership reporting requirements can harm a reporting company's reputation and relationships with financial institutions and business partners.
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