The Corporate Transparency Act (CTA) was signed into law as part of the National Defense Authorization Act. The goal of this legislation is to make information about who really owns or controls certain corporations and limited liability companies more readily available to law enforcement. Why? To crack down on the use of shell companies in … 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
A Federal District Court in Alabama just issued a decision finding the Corporate Transparency Act (CTA) unconstitutional in the case of National Small Business United v. Yellen. The court ruled that in enacting the CTA, Congress exceeded its Constitutional powers, including its authority to regulate interstate commerce. Specifically, the court agreed with plaintiffs that while … Read more