FOR IMMEDIATE RELEASE
13 December 2023
Contact:
Alex Curtas, Director of Communications
New Mexico Secretary of State’s Office
505-469-2783
alex.curtas@sos.nm.gov
Secretary of State Deploys Resources for Businesses Required to Comply with Federal Corporate Transparency Act
SANTA FE – The New Mexico Secretary of State’s Office today announced the deployment of a webpage with resources for businesses to help them comply with new requirements under the Corporate Transparency Act (“CTA”) that take effect on January 1, 2024.
Enacted by Congress in 2021 as part of the National Defense Authorization Act, the CTA includes reforms to anti-money laundering laws and is intended to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. The CTA establishes a beneficial ownership reporting requirement for corporations, limited liability companies, and other similar entities formed or registered to do business in the United States. Beneficial ownership reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury.
The requirement to report beneficial ownership and other information about the business directly to FinCEN applies to most businesses registered with the New Mexico Secretary of State’s Office. Our Office works to assist businesses in New Mexico and, as such, we want to inform the public of this important new reporting requirement as failure to comply may result in significant civil and criminal penalties.
Details about the CTA and the new reporting requirements have been compiled on a section of the Secretary of State’s website dedicated to the CTA.
The New Mexico Secretary of State’s Office Business Services Division is spearheading the effort in New Mexico to ensure businesses have all the information they need to comply with the CTA’s provisions taking effect in 2024. While reporting requirements under the CTA come into effect on January 1, 2024, business entities formed prior to that date will have until January 1, 2025, to comply.
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