Exploring the Corporate Transparency Act with FincenFetch.
As a premier provider of beneficial ownership software, FincenFetch is deeply engaged with the latest changes brought about by the Corporate Transparency Act (CTA). This important law is designed to combat financial crimes like money laundering and terrorist financing. Furthermore, it mandates that all reporting companies must maintain accurate and prompt reporting of beneficial ownership information.
Addressing Compliance Challenges with Advanced Beneficial Ownership Software
With the recent implementation of new regulations, business owners face serious risks. To explain, these risks include heavy fines and even imprisonment for non-compliance or submitting incorrect information. To address this, FincenFetch has collaborated with firms across the country to provide a powerful, secure, and user-friendly beneficial ownership software solution specifically designed for these new requirements.
We tailor our software to meet the unique needs of each firm, and also simplify the compliance process with customizable interfaces and bulk e-filing features. Therefore firms and their clients are able to easily fulfill their CTA requirements. Thanks to our engineering team’s commitment, our platform meets and surpasses the stringent standards set by FinCEN, boosting both the efficiency and precision of compliance procedures.
User Experiences with FincenFetch’s Beneficial Ownership Software
In light of this new regulation, businesses nationwide are realizing the benefits of using FincenFetch’s software to manage filings under the CTA. The New Corporate Transparency Act emphasizes the importance of beneficial ownership reporting. Here’s what some of our clients have shared:
John Jeanson, Accountalent – Maine
“FincenFetch’s beneficial ownership reporting platform has allowed us to provide efficient report filings that our clients find straightforward and helpful for delivering the necessary information for filings.“
Joe Manzelli, Manzelli Consulting Inc. – New Jersey
“FincenFetch has empowered us to add beneficial ownership reporting services while keeping our boutique firm’s personalized approach and unique customer brand experience intact. We have successfully expanded our client base without overburdening our system.“
FinCEN Updates and Compliance Trends
Insights from FinCEN are finally noting a surge in CTA compliance activities. Additionally, in a recent webinar, FinCEN reported that it has received over 1 million Beneficial Ownership Information (BOI) reports. Furthermore, FinCEN expect an annual submission rate of approximately 4,998,468 reports starting in 2025. However, many businesses and individuals remain unaware of their filing obligations, which raises significant concerns:
- Risk of Non-Compliance: Lack of awareness can lead to unintentional non-compliance, thus exposing businesses to legal consequences, including penalties.
- Operational Disruptions: Discovering compliance requirements late disrupts operations because it forces businesses to hurriedly redirect resources to meet these needs.
- Reputational Damage: Non-compliance can tarnish a company’s reputation, potentially resulting in a loss of client trust and business.
Michael Dobson, Senior Advisor at FinCEN, stated, “It’s worth mentioning that to date, we’ve received over a million reports and counting.” This statement emphasizes the critical role that beneficial ownership software like FincenFetch plays in efficiently meeting federal compliance requirements, particularly as awareness grows and more businesses recognize the need to comply.
Making Compliance Easy with FincenFetch
At FincenFetch, we’re here to make your life easier, especially when it comes to keeping up with CTA regulations. Equally important, we want to help businesses file BOI reports the easier way.
With this in mind, explore our range of solutions tailored to your organization’s unique needs for handling FinCEN reports. Whether you prefer white-labeled software, SOC2 secure filing support services, APIs, or referral options, we have you covered for addressing CTA compliance.
In addition, choose the solution that best aligns with your business model; whether you prefer to charge customers or clients one-time payments, annual fees, or have others manage the billing process. And when it comes to simplifying compliance, look no further than YouCollect.
Maximizing Returns: Beneficial Ownership Software for Your Firm
With our YouCollect beneficial ownership software plan, filing reports is easy, taking under 5 minutes per report instead of 20. Furthermore, this plan is affordable with upfront prices starting from just $24 per filing, depending on your volume and needs.
YouCollect tailors to suit your requirements, whether you’re a small startup or a large corporation. Plus, we’ll keep your reports up to date for free for an entire year, so that you can have peace of mind.
Ready to simplify BOI compliance with beneficial ownership software? Book a demo today and discover how FincenFetch takes the headache out of BOI reporting.
