Online resource addresses key elements of beneficial ownership information and filing requirements
MINNEAPOLIS–(BUSINESS WIRE)–#BeneficialOwnership–Subject matter experts from Wolters Kluwer CT Corporation have launched a series of informative podcasts to foster greater clarity for organizations subject to the new Corporate Transparency Act (CTA) beneficial ownership information reporting rule. Housed on CT Corporation’s CTA Expert Insights page, the podcasts explore, via a question-and-answer format with CT’s experts, some of the more complex elements of beneficial ownership information (BOI) filing requirements to help promote better understanding and compliance.
Beneficial ownership reporting is part of the CTA and represents a major compliance challenge for many U.S. companies. It requires that entities subject to the new rule collect, document, and submit previously unreported BOI details to the Financial Crimes Enforcement Network (FinCEN). More on complying with BOI reporting requirements is available at “Beneficial Ownership Information Compliance from CT Corporation.”
“Beneficial ownership information filing is an entirely new obligation that will impact an estimated 32.6 million businesses this year alone, according to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN),” said Rupak Venugopal, Vice President, Beneficial Ownership, Wolters Kluwer Financial & Corporate Compliance. “As such, it presents major challenges to many businesses, not only in identifying an organization’s filing status and the individuals within the organization subject to these reporting obligations, but in understanding that this requirement is now in effect—with significant consequences for non-compliance.”
The podcasts look at a range of eligibility and compliance issues around BOI reporting as it relates to large operating companies, subsidiaries, investment funds and other entities, as well as exemptions that impact one’s filing status, offering insights to ready an organization not only for the rule’s initial requirements but for ongoing reporting obligations.
Venugopal says that in addition to knowing about the reporting rule itself and taking steps to prepare one’s organization, the CTA will require companies’ ongoing monitoring of their beneficial ownership details to maintain a compliant filing status.
“Our latest polling in May found that nearly 40% of 1,400-plus respondents viewed keeping pace with ongoing reporting obligations as their top concern. Preparation and continued vigilance will be essential to organizations for ensuring compliance,” he says.
CT Corporation offers a suite of BOI solutions to help businesses of all sizes meet their ongoing reporting obligations. Its Beneficial Ownership Platform securely stores and retains BOI filing information, making both multiple entity filings and amendments much less time-consuming. As an authorized API filing participant, CT Corporation technology connects directly to FinCEN’s Beneficial Ownership IT System reporting portal, enabling the upload of thousands of filings in real time in a compliant, secure manner.
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.
Wolters Kluwer reported 2023 annual revenues of €5.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,400 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
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Contacts
David Feider
Associate Director, External Communications
Financial & Corporate Compliance
Wolters Kluwer
Office +1 612-246-9454
[email protected]
