In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
More information is available on FinCEN's website at https://www.fincen.gov/boi
A trusted partner small businesses can depend on
Your financial institution wants to support local businesses without burdening your staff. Now, you can refer clients to the Wolters Kluwer Beneficial Ownership Information Reporting Solution - an easy-to-use, self-serve beneficial ownership tool that keeps your clients compliant, and you, a trusted partner.
The Wolters Kluwer Beneficial Ownership Information Reporting Solution is fast, simple and secure.
- Optimized for small businesses
- Mobile-friendly interface that works just as well on smart phones, tablets and desktop
- Easy collaboration with beneficial owners in different locations
- Staffed help desk with BOI experts that can guide customers through the form
Benefits of partnering with Wolters Kluwer
Wolters Kluwer is committed to helping our banking partners provide immediate value to their customers through our easy-to-join, low-touch, referral-based Partner Program.
- Generous referral fees and quarterly payouts on customer referral adoption
- High referral volume through competitive pricing and end-user discounts, and a purpose-built solution offering
- Recognize immediate conversion impact through the use of unique customer referral links to the BOI Tool
- Ongoing marketing and sales support
We were surprised at the number of customers unaware of this requirement. They’re pleased we’ve provided a streamlined way to comply with the law using the Wolters Kluwer website. One instance involved an insurance agent who had never heard of BOI, and after discovering this, even non-customers started calling us about the BOI filing service.
Community bankers have an obligation to inform their small business customers about the beneficial ownership filing requirements, the severe penalties for non-compliance, and offer a solution. We now inform all business customers of the filing requirement during routine visits. If we don’t, we will end up loaning them the money to pay the fines.