The Corporate Transparency Act was enacted by Congress on January 1, 2021 as part of the Anti-Money Laundering Act of 2020 and was designed to establish beneficial ownership information reporting requirements for certain types of entities. On September 30, 2022, the Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the reporting requirements of the Corporate Transparency Act which become effective on January 1, 2024. This memorandum briefly summarizes the requirements under this final rule, as well as the New York LLC Transparency Act recently signed into law by Governor Hochul.