Wolters Kluwer, the software solutions giant, has today announced the launch of an expert financial technology solution aimed at helping the nearly 33 million U.S. businesses impacted by the beneficial ownership reporting rule under the Corporate Transparency Act (CTA). This Wolters Kluwer solution spans its Financial & Corporate Compliance (FCC) and Tax & Accounting (TAA) divisions to serve the reporting and filing needs of corporate, financial, legal, tax, and accounting professionals across the U.S.

According to Wolters Kluwer, the CTA requires that small businesses and entities subject to the new rule collect, document, and submit previously unreported beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This BOI reporting requirement applies to a wide range of domestic and foreign entities registered in the U.S., as specified by FinCEN. The rule took effect on January 1, 2024. 

“Trust is foundational to a vibrant and inclusive economy. Wolters Kluwer is proud to introduce a solution to support industry-wide compliance with this critical new regulation to increase transparency of entities operating in the United States,” said Steven Meirink, CEO, Wolters Kluwer FCC. “Our expert solution uniquely supports businesses of all sizes and their professional advisors with a secure and seamless experience, drawing upon our deep expertise in compliance and technology.”

For small businesses, law firms, and corporations with qualifying entities, CT Corporation, a business of FCC, and its partners have introduced the Beneficial Ownership Platform, which contains a secure, streamlined workflow to simplify filing and compliance for both single entity as well as multiple entity filers. The intuitive, five-step workflow dramatically increases efficiency, reduces the risk of incorrect filings, and offers a secure hosting environment for uploading, storing, and updating beneficial ownership information.

For accounting firms and their clients, TAA has launched the CCH Axcess™ Beneficial Ownership solution, which automates the beneficial ownership information filing process for accounting firms that need to file large volumes of reports. By offering BOI compliance as part of a business advisory relationship, accounting firms can enhance their role as trusted advisors. 

Wolters Kluwer has already created a range of industry resources—such as an easy-to-use self-guided eligibility quiz, webinar presentations, and content—to ensure impacted entities can effectively prepare for and navigate the new requirements within the target timeframe to meet their initial and ongoing compliance obligations.

The news comes as American firms face a plethora of regulatory pressures. In December a Wolters Kluwer survey showed a notable increase in concerns over risk management and regulatory compliance issues facing U.S. banks, credit unions, and other lenders. The 2023 Regulatory & Risk Management Indicator survey conducted by Wolters Kluwer showed the Indicator Main Score rising from an index level of 94 in the 2022 survey results to 119 in 2023, a 25-point index increase. Notably, the survey results underscore the increasing role of technology in managing workflows, recordkeeping, and regulatory change management. 69% of respondents identify technology as a crucial factor in addressing these challenges, marking a seven percent increase from the 2022 survey. Speed (44%) and analysis (38%) are identified as the most important aspects of automation.