Page 40 - Cyber Defense eMagazine October 2023
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The Corporate Transparency Act: Striking a
Pact Between Fact & Privacy Impact
By Tom Aldrich, Chief Strategy Officer, 360 Privacy
The Corporate Transparency Act (CTA) became law in the United States as part of the National Defense
Authorization Act for FY2021. This landmark legislation is aimed to combat illicit activities such as money
laundering, tax evasion, and fraud by requiring certain entities to disclose their Beneficial Owners (BOs)
to the likes of the Financial Crimes Enforcement Network (FinCEN). While the intention of the act was
noble in its creation, the broader implications of the law for the general public are likely to host a swath
of critical impacts – such as for the case of investors, who would typically rather have transactions
shielded from the public eye. Let’s take a closer look at how these new disclosure requirements and how
they relate to the access and privacy considerations for families, family offices, legal teams, and
operational risk management personnel.
Cyber Defense eMagazine – October 2023 Edition 40
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