Department of Treasury Corporate Transparency Act Compliance

Category: On Demand

Member Price: $104

Non-Member Price: $130

Product Code: ON139723

Areas of Law: Business

CLE Credits
NJ CLE:NJ CLE information: This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2 hours of total CLE credit (Full Credits Available: NJ General: 2.0).
NY CLE (t&nt):NY Professional Practice Transitional: 2.0
PA CLE:PA Substantive Credit: 1.5
New: No PACLE fee is required for this program. To earn PA CLE credits, a valid PA Bar ID number must be entered into the CLE form provided after attending the program.




Fay L. Szakal, Esq.
Greenbaum, Rowe, Smith & Davis LLP, Iselin

Presented in cooperation with the NJSBA Federal Practice and Procedure Section

Beginning Jan. 1, 2024 small to mid-sized businesses nationwide must provide details regarding beneficial owners and applicants to the Financial Crimes Enforcement Network of the U.S. Department of Treasury. Although this information is not being collected with the intention that it be released to the public, the information may be disclosed to law enforcement and regulatory authorities.

The stated goal is to combat terrorism and the associated money laundering activities of criminals and threats to the American public. There are concerns that the information may be misused.

Attendees will hear about the history of the Anti-Money Laundering Act of 2020 as a component of the National Defense Authorization Act for Fiscal Year 2021 and specifically of the Corporate Transparency Act. Attorneys who represent businesses and who apply for business corporate status through the Office of the Secretary of State will need to know their obligations and that of their clients to meet compliance deadlines and avoid liquidated civil and potential criminal penalties arising from the Act.

Please join us for a summary of the law, compliance requirements, risks of non-compliance and discussion regarding the risks of this federal law to attorneys, their corporation clients and business owners.

Program Agenda:

  • 1:00 - Background on the Anti-Money Laundering law, FinCEN overview referencing the Corporate Transparency Act development and its components.
  • 1:15 - What is a Reporting Company under the Corporate Transparency Act and what are the exemptions?
  • 1:40 - Who are Beneficial Owners under the Corporate Transparency Act, and what qualifies under the test?
  • 1:55 - What are Company Applicants under the Corporate Transparency Act and is it you?
  • 2:05 - What is a FinCEN identifier and do you need one?
  • 2:10 - How often do I have to report? What are the penalties?  Is there a safe harbor?
  • 2:20 - Security considerations: Who will have access to this database and what could it be used for?
  • 2:30 - How do we counsel our clients? What are the risks of liability to counsel?  How do we work with our professional liability insurer and our accountants?  Followed by dialogue and Question & Answer.
  • 2:40 - Adjourn


Founded in 1899, the NJSBA is the largest organization of attorneys, judges and legal professionals in New Jersey. At the core of our mission is improving the lives of our members, advancing the rule of law and serving as the voice of the profession. With 85 sections and committees, the NJSBA allows attorneys to benefit from being part of the most wide-reaching legal association in the state, while still cultivating expertise and building networks within specialized practice areas.



The New Jersey State Bar Association is committed to promoting and fostering a diverse and inclusive bar association. The Association recognizes that the broad concept of diversity includes race, ethnicity, gender, gender identity, sexual orientation, religion, age and disability. The NJSBA fosters and promotes an inclusive environment that gives value to the unique contributions of diverse individuals and organizations in all aspects of the Association.

Learn More


The NJSBA Legal and  Government Affairs Department serves as the liaison between NJSBA members and the state’s three branches of government.

News and Press Publications

Learn more about the accomplishments of the Association, its members and events from regular news updates, press releases, and our award-winning magazine.



Read the comments, reports, resolutions and Board of Trustee news from the state’s largest organization of lawyers, judges and legal professionals.


Statements and Positions

The NJSBA is the voice of the profession and takes public positions on a range of issues with the legal community and government officials. It also takes positions on legislation and files friend-of-the-court briefs on matters that impact the profession. 

Photo Galleries

Check out photos from recent NJSBA events.

View Photo Albums


The New Jersey Law Center is located at 1 Constitution Sq, New Brunswick, NJ, 08901. Need directions to the Law Center? Click on the button below to get started right away.

Contact NJSBA

NJSBA Contact Us Form
If you're looking for an attorney, click here for help.

If you cannot afford an attorney and have a civil matter, click here for Legal Services of New Jersey.

Looking for information about a specific lawyer? Contact the Lawyer’s Fund for Client Protection at 855-533-3863.

Have a complaint about a lawyer? Visit the Office of Attorney Ethics website. Select “Attorney Discipline” from the navigation bar for discipline of attorneys.

Contact Info

One Constitution Square
New Brunswick, NJ 08901

9 a.m. to 5 p.m., Monday - Friday

Fax 732-249-2815

Email us

Book Store

Authoritative. Comprehensive. The Industry Standard.

NJICLE legal treatises and books are written for New Jersey attorneys, by New Jersey attorneys. Our comprehensive library of books and treatises form the State’s most inclusive series of regionally focused legal materials. With titles covering virtually every aspect of New Jersey legislation, NJICLE is proud to be the professional development resource for the legal community.

You do not have permission to view this form.