Corporate Transparency Act still on hold after Supreme Court lifts injunction

Small businesses are still not required to register with an agency called the Financial Crimes Enforcement Network, or FinCEN — for now. The registration is part of the Corporate Transparency Act, an anti-money laundering statue passed in 2021. Under the CTA, the owners and part-owners of an estimated 32.6 million small businesses must register personal information with FinCEN, such as a photo ID and home address. The rule has long been in legal limbo. On Thursday, the Supreme Court lifted an injunction related to a case over the act. However, the FinCEN agency clarified on Friday that due to a separate court case iwth an injunction, registration is still voluntary.