Businesses operating in the United States have one more requirement to satisfy. The US Corporate Transparency Act was passed by Congress to increase corporate and business transparency of company ownership and thwart criminal activity that sometimes hides behind business walls. By requiring companies — even small ones — to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), the Act aims to prevent criminal activity such as money laundering, fraud, and financing of terrorism. Businesses that started before January 1, 2024, have until January 1, 2025, to file the report.