Every time I blink, the need and timing to comply with the CTA changes. Check with your lawyer to make sure your compliance, if necessary, is timely. BUT WAIT!!! As it stands now, businesses subject to the CTA’s requirements will not be required to submit beneficial ownership reports until further court rulings are made. This … Read more
On December 3, 2024, the Eastern District of Texas issued a preliminary injunction against the Corporate Transparency Act (CTA), addressing several legal and constitutional considerations. The ruling centers on three primary aspects of the CTA, legislative scope, corporate disclosure requirements and potential constitutional implications. The court examined the act’s provisions through the lens of established … Read more
The use of AI can provide significant benefits for the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) in managing the Corporate Transparency Act (CTA). However, there are potential dangers and risks that need to be carefully addressed. AI models can perpetuate or amplify existing biases in the training data, leading to discriminatory outcomes or … Read more