Lexology January 8, 2024
As part of Ropes & Gray’s ongoing efforts (see here) to advise on the impact of the Corporate Transparency Act (“CTA”), this Alert focuses on considerations for health care companies navigating the CTA’s recently enacted Beneficial Ownership Information Reporting Rule (“BOI Rule” or the “Rule”), effective as of January 1, 2024.
Enacted in 2021, the CTA is designed to strengthen the United States’s financial crime monitoring system by, among other things, requiring certain entities, including health care entities, to disclose identifying information about themselves, their beneficial owners, and their control persons to the U.S. federal government. The BOI Rule is intended to expand the U.S. government’s ability to collect beneficial ownership information to deter money laundering, corruption, tax evasion, fraud,...
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