In this episode of Conversations with TED, we provide insight in to the Corporate Transparency Act and how the new law may present businesses with challenges as it relates to data privacy. While Congress passed the Corporate Transparency Act in December 2020, it is not yet implemented due to a wait on final regulations and eventual oversight by FinCEN. Once regulations take effect, almost every private company in the US will have to file a beneficial ownership report with specific data information.
The question: once new laws are implemented and corporations pull together sensitive data, will businesses have conflicting duties under various state privacy laws? Historically, private or personal data hasn’t been regulated at the state or federal level. A shift in those laws can impact how to safeguard secure and confidential information. The impact of this evolving and cumbersome topic is explored in this episode with a note on the need for legal counsel to best guide clients.