Switzerland’s planned Transparency Register is scheduled to go live on October 1, 2026, covering the beneficial owners of roughly 600,000 legal entities. Concerns have intensified after hackers breached Liechtenstein’s VwbP, or Register of Beneficial Owners, during the night of July 29-30 and extracted personal data linked to approximately 31,000 entities. The stolen information included names, birth dates, nationalities and countries of residence, but no financial data. Swiss wealth managers say the incident highlights the cybersecurity risks of creating a centralized database at a scale roughly 20 times larger than Liechtenstein’s. Beneficial ownership registers are designed to deter money laundering by identifying the people who ultimately control companies, foundations and trusts. Liechtenstein introduced its register in 2021 to comply with EU anti-money laundering directives through its European Economic Area membership. The breach has also raised concerns about social engineering, identity theft and physical security risks affecting wealthy individuals whose personal details are exposed.