The Corporate Transparency Act (CTA): FAQs for Community Associations

In 2021, Congress adopted the Corporate Transparency Act (“CTA”) as part of the Anti-Money Laundering Act of 2020.  This anti-corruption law is intended to make it harder for bad actors to shield their identities and launder ill-gotten gains, which in turn assists national security, intelligence and law enforcement efforts in countering money laundering, tax fraud, the financing of terrorism, and other illicit financial activity.  Because of the broad applicability of the CTA and its potential impact on community associations, it has become this year’s “Hot Topic” among association volunteer leaders and managers.

Click HERE for our “Frequently Asked Questions” document regarding compliance with the CTA by Virginia and D.C. community associations (homeowners’ associations and condominium unit owners’ associations).