Navigating New Norms: Family Office Governance and Compliance Under the Corporate Transparency Act—Implementation Steps for CTA Compliance in Family Offices

With the introduction of the Corporate Transparency Act (CTA), the compliance landscape for family offices has shifted dramatically. Where banks once bore the responsibility for reporting Beneficial Ownership Information (BOI) under Customer Due Diligence (CDD) rules, that duty now falls to you, the family office managers. This shift not only changes who reports but also how information is verified, as banks now must ensure the accuracy of your submitted details in line with new standards. This article will help you navigate these changes, understand what they mean for your operations, and reveal how leveraging advanced governance systems can transform a regulatory mandate into an opportunity for increased operational efficiency and strengthened asset protection.