This memorandum discusses the Corporate Transparency Act provisions within the Anti-Money Laundering Act of 2020. The CTA directs the Treasury Department to promulgate regulations requiring certain corporations, limited liability companies, and similar entities, as well as applicants who form or register the entities, to disclose information to the Financial Crimes Enforcement Network about their beneficial owners, and update reported information. However, the CTA also provides numerous exemptions to the entities required to make these disclosures, and the full scope and impact of the new requirements are in large part dependent on future implementing regulations. In addition, the CTA requires Treasury to make conforming changes to the existing Customer Due Diligence Rule applicable to certain financial institutions, but does not specify how the new reporting obligations for covered entities should affect financial institutions’ obligations under the CDD Rule.