Congress passed the Corporate Transparency Act (CTA) as an anti-money-laundering initiative in 2021. Absent an applicable exemption,[1] the CTA requires all entities formed or registered to do business in the US (reporting companies) to report their beneficial ownership[2]
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Synthesis, Issue 1
The month in life sciences and intellectual property
Welcome to the inaugural issue of Synthesis, a regular publication offering our perspective on the latest developments in life sciences and intellectual property.From the lab to the marketplace, DLA Piper understands today’s complex…
DOJ previews policy changes: Key takeaways
On March 7, 2024, Deputy Attorney General Lisa Monaco delivered keynote remarks at the American Bar Association’s 2024 National Institute on White Collar Crime, reiterating the key priorities set by the US Department of Justice (DOJ) at the beginning of…
Fundamental Rights Impact Assessments under the EU AI Act: Who, what and how?
After years of intense negotiation, EU stakeholders have finally reached political agreement on the long-awaited EU Artificial Intelligence Act (“EU AI Act”), which was first published by the European Commission (“EC”) on 21 April 2021. Following the final trilogues, the…
DOJ announces proposed rule to mitigate data security risks related to AI
On February 28, 2024, President Joe Biden issued an Executive Order titled “Preventing Access to Americans’ Bulk Sensitive Personal Data and US Government-Related Data by Countries of Concern” (EO). This order seeks to restrict the sale of sensitive American data…
Building a smarter smartbomb: The Government responds to the House of Lords AI in Weapon Systems Committee
The sci-fi fascination with AI is well established, long in the tooth and a lazy way of looking at the opportunities (and moreover the threats) presented by AI. But perhaps these once-fantastical ideas are rapidly becoming technological reality. That legislators,…
Management Rights Letters: What they are, why they are important and potential traps to me mindful of
What are they?
A letter agreement between a portfolio company and an investing venture capital fund which provides the venture capital fund with certain “management rights” that allow it to substantially participate in, or substantially influence the conduct of, the…
New US sanctions target Russia and Russian sanctions evaders in financial, technology, defense, energy, and other sectors
On February 23, 2024, the US Treasury Department’s Office of Foreign Assets Control (OFAC), in conjunction with the US State Department, added over 500 entities and individuals to the Specially Designated Nationals and Blocked Persons List (SDN List), and the…
UK: Enforcement Against the Use of Biometrics in the Workplace
The ICO has issued an enforcement notice which provides valuable insights into its approach to the use of biometrics in the workplace, and the lawfulness of employee monitoring activities more broadly.
On 23 February 2024, the Information Commissioner’s Office (“ICO”)…
Treasury proposes new anti-money laundering rule for investment advisers: Top points
On February 13, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rulemaking (NPRM). This would, for the first time, require SEC-Registered Investment Advisers (RIAs) and Exempt Reporting Advisers (ERAs) to create…