Handling Personable Identifiable Information (PII) Under the Corporate Transparency Act
The Corporate Transparency Act went into effect on January 1, 2024. I’ve put together a comprehensive guide to the CTA here. The CTA requires companies (other than those specifically exempt) to file beneficial ownership information (BOI) about all owners who own or substantially control at least 25% of a company. Upon request by a beneficial owner, company applicant or reporting company, the CTA permits FinCEN (the governing body responsible for the enforcement of the CTA) to assign a numeric identifier…