Survey reveals preparedness trending upward

A survey by Wolters Kluwer revealed 26% of respondents consider their organizations between 75% to 100% ready to meet the new beneficial ownership reporting requirements under the Corporate Transparency Act (CTA).

“There is a noticeable uptick in the market, not only in terms of greater awareness but also in preparations among those who realize they are subject to the beneficial ownership reporting requirements,” said Rupak Venugopal, vice president, Beneficial Ownership, for Wolters Kluwer’s Financial & Corporate Compliance division. “But despite this upward trend, there remains a considerable lack of awareness among impacted businesses.”

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) anticipates the rule will impact roughly 32.6 million reporting companies in 2024 alone. 

Visit Wolters Kluwer's website, www.wolterskluwer.com for the full survey results.