A recent article by Allen Matkins Leck Gamble Mallory & Natsis LLP begins:
On May 29, 1453 the walls of Constantinople had stood unbreached for more than a thousand years. Yet on that day, the army of Sultan Mehmed II was able to force entry into the city through the Gate of St. Romanus. The Byzantine Emperor Constantine XI Palaeologus was killed and the city became Mehmed’s new capital. The moral of the story is that even the most impregnable defenses can be breached.
When the Financial Crimes Enforcement Network (aka the FinCEN) adopted its final rules implementing Section 6403 of the Corporate Transparency Act (aka the CTA), it estimated that 32.6 million business entities would exist on January 1, 2024 and be required to provide beneficial ownership information. FinCEN estimated that there would be an additional 5 million reporting entities formed each year.
After listing all the kinds of personal information entities will be required to provide, the article continues:
However, the CTA is creating a treasure trove of personal information that will become an irresistible target criminal and foreign state hackers. One hopes that the FinCEN is implementing the highest level of security possible to protect this information.
Source: The National Law Review
