In the sprawling landscape of U.S. compliance mandates, the Corporate Transparency Act casts a broad-reaching glow upon every reporting company operating within the U.S. This legislation includes complex requirements for every data field submitted by reporting companies. Every reporting company must thoroughly review and check submissions with their firm before filing to avoid harsh FinCEN penalties.
The penalties associated with misreporting or non-compliance under the Corporate Transparency Act are not to be taken lightly. A reporting company that either mistakenly or willfully submits inaccurate beneficial ownership information can be slapped with staggering fines of up to $10,000. If this monetary blow wasn’t daunting enough, responsible individuals within the entity can also face incarceration for up to 2 years, a stark testament to the CTA’s unyielding intent to ensure transparency and accuracy.
Given the severe repercussions of even inadvertent errors, it is critical that every piece of beneficial ownership information undergoes review before being dispatched for official reporting. FincenFetch supports reviewing filings after clients submit their beneficial ownership information and before the firm files to FinCEN. This essential step assures that data is verified before filing so your clients have peace of mind and avoid any FinCEN penalties.
Given the severe repercussions of even inadvertent errors, it is paramount that every piece of beneficial ownership information undergoes review before being dispatched for official reporting.
Reporting companies, in collaboration with their chosen firms, use FincenFetch’s collaborative platform for the submission of BOI, correction of discrepancies in real-time, and the pooling of expertise from both the client and firm perspectives to ensure compliance.
Beyond the initial submission, the Corporate Transparency Act calls for a clear, unbroken history of any updates or amendments made to these filings. CTA compliance is not just a one-time act—it’s an ongoing requirement, and the CTA necessitates that reporting companies maintain an impeccable trail of any changes made post-submission. FincenFetch supports these requirements by tracking all updates to BOI filings in an audit trail attached to every secure report file.
Maintaining this history serves as a protective shield, safeguarding companies from potential penalties down the line and providing a clear record of due diligence in beneficial ownership information reporting
FincenFetch’s emphasis on recording every update ensures that the narrative of compliance is never broken. This holistic approach, where every change is tracked, ensures that firms and reporting companies are always one step ahead. It provides a sense of security, knowing that the history of updates can always be referred back should any compliance questions arise in the future. Maintaining this history serves as a protective shield, safeguarding companies from potential penalties down the line and providing a clear record of due diligence in beneficial ownership information reporting.
FincenFetch understands the gravitas of the Corporate Transparency Act and is attuned to the challenges it presents for every reporting company. With its emphasis on real-time collaboration, FincenFetch ensures that firms and their clients are not merely compliant but are also actively involved in the entire reporting process.
Schedule a demo today to see how FincenFetch powers your collaboration with clients for FinCEN reporting.