This article discusses the new U.S. Corporate Transparency Act that became law on January 1, 2021. For the first time, certain ‘reporting companies’ (either incorporated in the U.S. or non-U.S. companies registered to do business in the U.S.) will be required to disclose their beneficial owners and applicants to the U.S. Financial Crimes Enforcement Network (FinCEN). This article attempts to summarize the rules as currently written. International Law Office (ILO) publication. March 4, 2021.