Wolters Kluwer survey cites maintaining compliance as a top concern among impacted U.S. Corporate Transparency Act reporting companies
10 Mayo 2024 - 7:05AM
Business Wire
Latest poll shows continuing questions in
determining which organizations and beneficial owners are subject
to new rule
Accurate reporting—and ongoing tracking of beneficial ownership
status under the Corporate Transparency Act (CTA) represents the
top compliance concern of businesses impacted by the new rule,
according to new survey findings from Wolters Kluwer CT
Corporation. In its May 2 webinar polling of more than 1,400
attendees, CT Corporation found that nearly 40% of respondents
viewed keeping pace with ongoing reporting obligations as their top
concern.
“Submitting a company’s initial beneficial ownership reporting
data by the specified deadline in no way means that this process is
a one-time occurrence,” said Rupak Venugopal, Vice
President, Beneficial Ownership, Wolters Kluwer Financial &
Corporate Compliance. “As 39% of poll participants indicated,
compliance will require ongoing due diligence and vigilance in
keeping beneficial ownership information current with respect to
reporting.”
Other challenges cited by respondents include “Determining
whether my business is subject to the reporting requirement,” at
25%, and “Identifying the beneficial owner(s) in an organization
who are subject to the rule” at 24%. The remaining polling option,
“Resource allocation of costs and staff time to gather and submit
the required information,” was selected by 12% of respondents.
CT Corporation conducted audience polling in conjunction with
BOI compliance webinars it held in January 2024 and November 2023.
The May 2 webinar marks the first time that attendees were asked to
identify their biggest concerns around BOI compliance.
Since last November’s polling, overall readiness levels for CTA
compliance have shown modest increases: the percentage of those
confident that their organizations were at least 75% prepared rose
from 15% in November, to 29% in January, to 33% in May’s polling,
while 9% percent of respondents in May’s webinar considered their
organizations fully ready to comply, an uptick from 7% in January
and 3% in November 2023.
The percentage who perceive their organizations as “Not at all
ready” to comply decreased from 38% in November to 16% in May.
CT Corporation offers a suite of BOI solutions to help
businesses of all sizes meet their ongoing reporting obligations.
Its Beneficial Ownership Platform securely stores and retains BOI
filing information, making both multiple entity filings and
amendments much less time-consuming. CT Corporation is now an
authorized API filing participant for the U.S Treasury’s Financial
Crimes Enforcement Network (FinCEN). The CT technology connects
directly to FinCEN via the API, enabling the upload of thousands of
filings in real time to FinCEN in a compliant, secure manner.
For more information on navigating the BOI reporting
requirements, visit “Beneficial Ownership Information Compliance
from CT Corporation.”
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in
information, software solutions and services for professionals in
healthcare; tax and accounting; financial and corporate compliance;
legal and regulatory; corporate performance and ESG. We help our
customers make critical decisions every day by providing expert
solutions that combine deep domain knowledge with technology and
services.
Wolters Kluwer reported 2023 annual revenues of €5.6 billion.
The group serves customers in over 180 countries, maintains
operations in over 40 countries, and employs approximately 21,400
people worldwide. The company is headquartered in Alphen aan den
Rijn, the Netherlands.
For more information, visit www.wolterskluwer.com, follow us on
LinkedIn, Facebook, YouTube and Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20240510596962/en/
David Feider Associate Director, External Communications
Financial & Corporate Compliance Wolters Kluwer Office +1
612-246-9454 david.feider@wolterskluwer.com