Simplifying Corporate Transparency Act Compliance and Maximizing Revenue with FincenFetch

When adhering to new laws like the Corporate Transparency Act (CTA), it can be difficult to know where to begin. As experts in the field, the team at FincenFetch solves the intricate challenges of? beneficial ownership reporting requirements for client businesses and the firms that represent them.

Filing mandatory Beneficial Ownership Information (BOI) reports directly through the Financial Crimes Enforcement Network (FinCEN) is complex, error-prone, and time consuming which diverts valuable resources away from revenue-generating activities. However, starting in 2021, with the passing of the CTA, the FincenFetch team designed a solution with a focus on efficiency and growth. FincenFetch solves the headache of CTA compliance for firms in a lightweight, scalable solution while remaining low-cost. We want to help firms turn a headache into a new and low touch revenue stream. ?

Understanding the Corporate Transparency Act

The CTA was enacted to combat illicit financial activities and requires business entities to report beneficial ownership information to FinCEN. Failure to comply with this regulation results in fines of $500 or $10,000 dollars with further possibility of jail time. ?Compliance with these regulations is mandatory and, as a result, many businesses will rely on their service providers for help. However, navigating the complexities of beneficial ownership reporting can be daunting without the right tools and resources.

Our beneficial ownership software solution is a transformative platform that streamlines the burdensome BOI reporting process and accelerates revenue growth for firms. Here’s how:

Unlocking Revenue Opportunities

Traditional methods of collecting client information are time-consuming. With the use of FincenFetch’s beneficial ownership reporting software, your firm can reduce the time and staff costs associated with traditional client information collection methods by 95%. You can complete 20 filings in the same time needed to file through FinCEN’s site.

?Here’s how it works:

With our beneficial ownership software solution, there are only two tasks to complete, and it takes only six minutes to complete them.

1. Send an online invitation link to clients. (one minute)

2. ?Review client information and e-file the FinCEN report (five minutes)

Using FincenFetch reduces staff time to 6 minutes per reporting company. Client data collection requires only a simple link sent to the client, inviting them into an intuitive online process. The platform guides the client through several steps designed to clearly collect all required information and minimizing errors and extra steps that consume staff time.

How we save you time:

·??????? Fewer Questions from Clients

Our intuitive software provides a user-friendly experience that educates clients about what should be provided through clear explanations and examples.

·??????? No Manual Re-Typing

Information is entered directly into a secure API that links directly to FinCEN’s database, eliminating the need for manual retyping by staff at the firm and reducing associated data transfer errors.

·??????? No Additional File Management Systems

FincenFetch includes built-in file management and support staff access, making additional file management systems optional, not necessary.

·??????? No Drafting of New Forms or Sending Reminders

Our software solution also eliminates extensive front-end costs and time associated with drafting PDF forms and spent reminding clients. FincenFetch’s software delivers a simple submission experience and reminds clients automatically if they lag behind.

Leveraging FincenFetch's Resources

To gain deeper insights into the revenue-generating potential of FincenFetch, explore the platform's resources and feature set. Our free e-Book is a comprehensive resource that offers guidance on beneficial ownership reporting and real-world case studies that illustrate the tangible benefits of leveraging FincenFetch for compliance management.

Embracing Innovation for Success

For years our team worked diligently to design a user-friendly platform that addresses all the pain points of FinCEN filings.? We are proud to offer a strategic asset to firms to optimize operations, minimize risk, and unlock new revenue opportunities.? For more information, I encourage you to book a live, free demo with a FincenFetch specialist.?

Feel free to connect with me directly if you have questions.