The Corporate Transparency Act (CTA), enacted on January 1, 2021 as part of the National Defense Authorization Act (NDAA) and the Anti-Money Laundering Act (AMLA) of 2020, aims to combat money laundering, terrorism financing, and other illicit activities by requiring specific companies, primarily foreign-owned shell companies, to report accurate and up-to-date beneficial ownership information to the US government. Non-compliance may result in civil penalties of up to $500 per day and criminal penalties, including up to two years of imprisonment.
The CTA’s reporting requirements present a significant shift in corporate formation, making it crucial for companies to adapt and maintain accurate records.
The XDEX Advantage
At 10XTS, we understand the challenges you face and have developed an industry-leading solution to automate your beneficial ownership compliance processes.
Our comprehensive approach, based on the groundbreaking XDEX decentralized governance, risk, and compliance metadata network, empowers your business to navigate complex compliance requirements with ease and confidence.
Our deep expertise in compliance automation sets us apart. By partnering with 10XTS, you’ll benefit from:
- Streamlined Compliance: Simplify your compliance processes with a standardized inter-institutional interchange system for compliance records.
- Risk Mitigation: Reduce errors and omissions by leveraging XDEX’s decentralized architecture for secure, transparent, and tamper-proof record keeping.
- Expert Guidance: Trust our seasoned professionals to lead you through every step of the compliance journey, from analysis to implementation.
Automated Beneficial Ownership Reporting With XDEX
XDEX automates beneficial ownership accounting and calculation for even the most complex corporate ownership structures.
The XDEX ecosystem can embed beneficial ownership checks and calculations into secondary market infrastructure to enable real-time, atomic level checks at the proposed trade level.
Beneficial ownership data can be exported into jurisdictional reporting systems for compliance purposes.
Improved accuracy: By using XDEX to record and track ownership of securities at the transaction level, it may be possible to more accurately determine the beneficial owners of those securities. This can help to ensure that the information provided to regulators under the CTA is accurate and up-to-date.
Increased transparency: XDEX is a transparent and immutable record-keeping system, which means that all authorized parties involved in a transaction can see the ownership history of a security. This can help to increase the transparency of ownership of securities and make it easier for regulators to track and verify beneficial ownership.
Reduced risk of errors: XDEX can help to reduce the risk of errors in calculating beneficial ownership. For example, manual record-keeping processes can be prone to errors, while XDEX can help to eliminate these errors by providing a tamper-proof record of transactions.
Enhanced security: XDEX can help to enhance the security of transactions by providing a decentralized and encrypted record of ownership. This can help to protect against unauthorized access or tampering with ownership records.
The 10XTS Advantage
At 10XTS, we are committed to helping you navigate the complexities of compliance with the U.S. Corporate Transparency Act. Our innovative solutions, deep expertise, and dedication to customer success set us apart. Take control of your compliance and asset management processes with 10XTS and XDEX. Experience the benefits of automation, efficiency, and seamless reporting, all while driving your organization towards a more secure and compliant future. Partner with 10XTS today and unlock the full potential of your assets.