Emerging Ethical Issues You Should Know
Lawyer Ethics, Risk Management and Regulation attorney Trisha Rich was quoted in an American Bar Association (ABA) article summarizing a session called "Issues from the Frontlines: Hot and Emerging Legal Ethics and Professional Responsibility Issues That Lawyers Should Know About" during the organization's 2024 annual meeting in Chicago. The panelists, including Ms. Rich, discussed the Corporate Transparency Act (CTA), which requires certain companies to provide beneficial ownership information to the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). As the panelists explained, lawyers have a duty to comply with the CTA and inform their clients of its requirements; however, that does not always happen, and there can be significant consequences for counsel and clients.
"A lot of lawyers are not paying attention to (the CTA) that much," said Ms. Rich.