Beginning in 2022, a vast number of corporations will be necessitated to divulge details about their beneficial owners, the individuals who hold ultimate control of the company. In response to this new requirement, there has been an emergence of several new products designed to aid firms and their legal counsel in compliance. One such product has been added to the repertoire of Wolters Kluwer.
Wolters Kluwer has introduced a new beneficial ownership information (BOI) capability to Legisway, which is the firm’s software-as-a-service (SaaS) legal information and contract management platform for corporate legal departments. This new feature allows U.S. Legisway users, impacted by the beneficial ownership reporting rule under the Corporate Transparency Act (CTA), to identify and compile their BOI via a platform they are already familiar with.
The beneficial ownership functionality empowers even the complex organization structures to pinpoint companies that fall under the purview of the CTA. It also helps identify officers and shareholders who are classified as beneficial owners. Confidential data can be compiled and stored within the secure environment of Legisway. Moreover, it provides options for exporting details, such as for importing BOI into a filing solution.
Just last month, Wolters Kluwer had launched a BOI expert solution for filing and continuous compliance. The Wolters Kluwer CT Corporation set in motion a beneficial ownership compliance platform aimed at simplifying filing and compliance for both single-entity and multiple-entity filers.
Ken Crutchfield, vice president and general manager of legal markets at Wolters Kluwer Legal & Regulatory U.S., opines that it was a natural progression to add the functionality for storing beneficial ownership information in Legisway due to the need to monitor reporting entities, beneficial owners, and even applicants in the application utilized for other legal data.
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