© 2024 M&T Bank and its affiliates and subsidiaries. All rights reserved.
Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, N.A. (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC), Wilmington Trust Asset Management, LLC (WTAM), and Wilmington Trust Investment Management, LLC (WTIM). Such services include trustee, custodial, agency, investment management, and other services. International corporate and institutional services are offered through M&T Bank Corporation’s international subsidiaries. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank. Member, FDIC. 
M&T Bank Corporation’s European subsidiaries (Wilmington Trust (UK) Limited, Wilmington Trust (London) Limited, Wilmington Trust SP Services (London) Limited, Wilmington Trust SP Services (Dublin) Limited, Wilmington Trust SP Services (Frankfurt) GmbH and Wilmington Trust SAS) provide international corporate and institutional services.
WTIA, WFMC, WTAM, and WTIM are investment advisors registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply any level of skill or training. Additional Information about WTIA, WFMC, WTAM, and WTIM is also available on the SEC's website at adviserinfo.sec.gov. 
Private Banking is the marketing name for an offering of M&T Bank deposit and loan products and services.
M&T Bank  Equal Housing Lender. Bank NMLS #381076. Member FDIC. 
Investment and Insurance Products   • Are NOT Deposits  • Are NOT FDIC Insured  • Are NOT Insured By Any Federal Government Agency  • Have NO Bank Guarantee  • May Go Down In Value  
Investing involves risks and you may incur a profit or a loss. Past performance cannot guarantee future results. This material is provided for informational purposes only and is not intended as an offer or solicitation for the sale of any security or service. It is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances. There is no assurance that any investment, financial or estate planning strategy will be successful.

Privacy has become a hallmark aspect of business entities in the United States. Corporations, partnerships, limited liability companies (LLCs), and similar entities provide a notable amount of privacy. Wealthy families in search of privacy often use business entities to hold investments, planes, boats, and real estate. This privacy has at times been used for secrecy by those looking to launder money, avoid taxes, and finance illegal activities. In response to these illicit activities, in 2021 Congress enacted the Corporate Transparency Act (CTA). The CTA is the most significant piece of anti-money laundering legislation since the Patriot Act in 2001.

The principal objective of the Corporate Transparency Act is to create a national database, overseen by the Financial Crimes Enforcement Network (FinCEN), containing certain identifying information on the individuals who, directly or indirectly, own or control certain types of domestic and foreign entities. Under the CTA and as described in the final regulations, a “Reporting Company” will be required to provide certain identifying information on (i) the entity itself, (ii) its “Beneficial Owners,” and (iii) “Company Applicants.” The identifying information to be reported on a Reporting Company will include, without limitation, its legal name, any DBAs associated with it (a DBA, or “doing business as,” refers to when the company conducts business under a name other than its legal name), identifying tax information, and contact information. The identifying information to be reported on Beneficial Owners and Company Applicants will include, without limitation, legal name, date of birth, a physical contact address, and additional identifying information and documentation.

With the Corporate Transparency Act set to go into effect in 2024, it is important to understand the operative provisions of this new law, importantly, how a "Reporting Company," "Beneficial Owner," and "Company Applicant" will each be defined.

Please see important disclosures at the end of the article.

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