Close Menu
Tamar BridgeTamar Bridge
  • Home
  • Latest News
  • About Us
    • Our Team
    • Join the team
  • Policies
    • Cookies
    • Terms & Conditions
    • Privacy Policy
  • Sitemap
  • —————–
  • Money
  • Tech
  • Lifestyle
  • News
  • Health
  • Property
  • Business
  • Travel
  • Motors
  • Contact Us
Facebook X (Twitter) LinkedIn
Facebook X (Twitter)
Tamar BridgeTamar Bridge
Contact
  • About Us
    • Our Team
    • Contact Us
    • Join the team
  • News
  • Culture
  • Money
  • Business
  • Health
  • Lifestyle
  • Tech
  • Motors
Tamar BridgeTamar Bridge
Home»News»U.S. Businesses Struggle with Corporate Transparency Act Compliance
News

U.S. Businesses Struggle with Corporate Transparency Act Compliance

Sam AllcockBy Sam Allcock13/08/20243 Mins Read

A new global study has revealed significant anxiety among U.S. businesses regarding their compliance with the Corporate Transparency Act (CTA). Research conducted by CSC, a leading provider of global business administration and compliance solutions, shows that a staggering 83% of senior legal and compliance executives are worried about their organisation’s adherence to the CTA. Furthermore, 76% believe the Act is causing widespread concern among U.S. businesses as a whole. Remarkably, only 1% of those surveyed report no concerns about their CTA compliance.

The CTA, which came into effect on January 1, 2024, aims to enhance national security and combat corruption, terrorism, and money laundering by providing law enforcement and government agencies with greater transparency into corporate structures and ownership.

The CSC study, which surveyed 200 senior professionals including general counsels and corporate secretaries from a range of industries across the U.S., Continental Europe, the U.K., and APAC, highlights the profound uncertainty surrounding the Act’s reporting requirements and compliance obligations. The study, detailed in the report “The Corporate Transparency Act: Readiness, Concerns, and Implications,” exposes the key challenges and potential long-term impacts of the new legislation.

“Despite the CTA being in effect since the start of this year, many organisations are still trying to understand its implications,” said Julie Dallmann, Product Management Director at CSC. “The complexities involved are unprecedented for many businesses, with the various aspects of the Act proving difficult to interpret and manage.”

According to the research, while 93% of respondents are aware of the CTA, less than half (45%) are familiar with the reporting requirements it entails, and only 39% know the deadlines for these reports. Furthermore, only a third of respondents understand the CTA’s exemptions.

A major concern highlighted by the study is the lack of clarity regarding the obligations of non-U.S. entities. Nearly two-thirds (62%) of respondents cited this as a significant challenge, alongside high fees and costs, and uncertainty about penalties for non-compliance, which was a concern for about 40% of those surveyed.

Dallmann commented on the findings, “The level of discomfort and unfamiliarity that businesses are experiencing with the CTA is both alarming and expected. The subjective nature of the Act, including ambiguities surrounding exemptions and definitions of beneficial owners, is contributing to this uncertainty.”

The study suggests that many businesses are increasingly turning to third-party service providers for assistance with CTA compliance. These providers offer expertise and support, helping organisations navigate the complexities of the Act and allowing them to concentrate on their core business activities.

With the CTA imposing substantial compliance requirements, the research underscores the need for businesses to seek clear guidance and support to mitigate the risks associated with non-compliance and ensure alignment with the new regulatory landscape.

act businesses compliance corporate news struggle transparency u.s. with
Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
Previous ArticleSLAM DUNK: Hennessy Brings the Spirit of the NBA to The Corner Shop at Selfridges London this August
Next Article Sleep Tourism Emerges as Major Trend in Business Travel Industry

Other stories that may interest you

TrendsFinGroup.com review – Is Trends Financial Group a trusted platform for Canadian traders?

08/05/2025

Paulo Avelino’s Girlfriend, The Untold Story Behind His Relationship with Kim Chiu

06/05/2025

Phoenix Ikner Parents, The Tragic Family Story Behind a Shattered Future

29/04/2025

Latest Stories

TrendsFinGroup.com review – Is Trends Financial Group a trusted platform for Canadian traders?

08/05/2025

Paulo Avelino’s Girlfriend, The Untold Story Behind His Relationship with Kim Chiu

06/05/2025

Tim Duncan’s Girlfriend Vanessa Macias, The Hidden Gem Behind The NBA Legend’s Quiet Life

06/05/2025

Amanda Kloots’ New Romance, Who is Her Boyfriend, Justin Gimelstob? The Unlikely Couple’s Red Carpet Debut

06/05/2025
  • Facebook
  • Twitter
  • LinkedIn
Sections
  • News
  • Culture
  • Money
  • Business
  • Health
  • Lifestyle
  • Tech
  • Motors

Tamar Bridge News is your trusted guide through the currents of UK news, committed to bridging the gap between information and insight with clarity, precision, and a human-centric approach.

Company

  • Home
  • Latest News
  • About Us
  • Our Team
  • Contact Us
  • Join the team
  • Privacy Policy
  • Cookie Policy
  • Terms & Conditions
  • Sitemap

Latest Stories

TrendsFinGroup.com review – Is Trends Financial Group a trusted platform for Canadian traders?

By Sam Allcock

Paulo Avelino’s Girlfriend, The Untold Story Behind His Relationship with Kim Chiu

By Sam Allcock

Tim Duncan’s Girlfriend Vanessa Macias, The Hidden Gem Behind The NBA Legend’s Quiet Life

By Sam Allcock
© 2025 Tamar Bridge News | All rights reserved

Type above and press Enter to search. Press Esc to cancel.