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The Impact of the Corporate Transparency Act on the Art Market

Collectors and high-net-worth clients must comply with new requirements.

As of Jan. 1, 2024, certain types of entities created in or registered to do business in the United States are required to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. The Corporate Transparency Act (CTA), enacted in 2021 as part of the Anti-Money Laundering Act of 2020, imposes this new requirement in an effort to combat corruption, tax evasion, fraud, drug trafficking and the financing of

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