Turn CTA Compliance into  Revenue Growth

A Guide For Law & Accounting Firms

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CTA compliance solutions

Is the recent CTA upheaval causing headaches for your clients and eating into your valuable time?

You’re not alone.

With over 32 million businesses in the US, the need for efficient and secure CTA compliance solutions is massive. Your clients are already struggling with complex legalese and intricate financial regulations. They need a dependable, efficient solution – and your firm is perfectly positioned to deliver.

While the legal challenges may provide temporary reprieve, the reality is every US business will eventually face mandatory CTA filings. This presents a golden opportunity for your law or accounting firm to become a hero for your clients and a leader in the CTA compliance space.

But this isn't just about you – it's about your clients and serving them better. By partnering with FinCEN Advisors, you can provide a turnkey CTA Compliance program that offers your clients real benefits.

Stress-Free Compliance

Help them navigate the complexities of CTA with a proven, user-friendly solution. Our FinCEN FilePro software streamlines the process, minimizing disruption to their operations.

Time Savings

Clients can focus on core business needs while you handle the time-consuming aspects of CTA compliance.

Enhanced Security

Robust security features give your clients piece of mind and ensure data accuracy and regulatory compliance.

"Using FinCEN Advisors and their technology platform to file my BOI report was an effortless experience. Their specialists simplified the nuances of the Corporate Transparency Act, which greatly aided in the filing process. Their level of service surpassed my expectations, and I highly recommend their excellent solution to anyone navigating this new government mandated initiative."

- Owner of Natural Identity, LLC

Benifits Of our services

Benefits Of our services

Many firms see CTA compliance as a chore and are reluctant to offer these services because of the burden it can place on their existing resources. But what if you viewed it as a chance to deepen client relationships and there was an opportunity to expand your service offerings without creating stress on your available resources?

When you partner with FinCEN Advisors, you can provide a turnkey solution that solves a critical need for your clients, while bringing substantial benefits to your firm.

Expand your service offerings

Adding CTA compliance to your offerings will allow you to enhance your value with your existing clients and potentially reach new ones.

Boost revenue

Turn CTA compliance into a new revenue stream for your firm.

Scalable Solutions

Whether you're looking to file 100 reports or 1,000, our pricing options are built to suit your unique business case.

Solidify client relationships

Your clients already trust you, so be their source of credible information related to BOI filings and CTA compliance.

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FinCEN FilePro

empowers your firm

FinCEN Advisors offers a powerful partnership opportunity that equips your firm with the ultimate weapon: FinCEN FilePro. This user-friendly software platform simplifies the entire CTA compliance process, transforming a headache into a high-profit opportunity for both you and your clients.

Here’s how FinCEN FilePro empowers your firm:

Effortless Onboarding

The intuitive design minimizes training time, allowing you to quickly integrate CTA compliance into your existing services.

Streamlined Data Collection

FinCEN FilePro guides clients through a user-friendly interface, ensuring accurate and efficient data gathering, even for those unfamiliar with legalese.

Automated Workflows

Repetitive tasks are automated, freeing up your team's valuable time for higher-value activities.

Robust Security Features

Military-grade encryption and access controls safeguard sensitive client data, ensuring compliance with all regulatory requirements.

Real-Time Collaboration

Seamless communication between you and your clients throughout the filing process fosters trust and strengthens relationships.

Centralized Reporting

Generate comprehensive reports with ease, providing clients with clear and transparent filing results.

Our partnership Offers

Imagine the competitive edge you’ll gain! With FinCEN FilePro, your firm becomes synonymous with efficiency, accuracy, and client satisfaction in the CTA arena.

But there’s more! A FinCEN Advisors partnership offers:

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Dedicated Partner Support

Our team of experts is always available to answer your questions and ensure a smooth implementation process.

02

Ongoing Training & Updates

Stay ahead of the curve with regular training sessions and updates on evolving CTA regulations.

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Exclusive Resources & Tools

Access valuable resources and tools to enhance your service offerings and client communication.

Limited Partnership Opportunities Available!

We partner with a select number of firms to maintain exceptional service levels. This ensures you receive the personalized attention and support needed to maximize your success. Don’t miss out on this limited opportunity!

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Frequently asked questions

Navigating the Corporate Transparency Act and FinCEN’s regulations can be complex. We’ve compiled a comprehensive FAQ to provide you with clear, direct answers to your most pressing questions, ensuring you have the knowledge to maintain compliance confidently.

FinCEN stands for the Financial Crimes Enforcement Network. It is a bureau of the United States Department of the Treasury. FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and financial crimes.
FinCEN imposes various reporting requirements on financial institutions and certain businesses to help detect and prevent money laundering and other financial crimes. Common reporting requirements include Currency Transaction Reports (CTRs) for transactions over a certain threshold, Suspicious Activity Reports (SARs) for suspicious transactions, and reports related to certain foreign financial accounts (FBAR).
Failure to comply with FinCEN reporting requirements can result in severe penalties. Penalties may include civil and criminal penalties, fines, and, in extreme cases, imprisonment. The specific consequences depend on the nature and severity of the violation.
FinCEN intelligence refers to the information and analysis gathered by FinCEN to combat financial crimes. This includes data on financial transactions, reports filed by financial institutions, and other relevant information. FinCEN analyzes this intelligence to identify patterns, trends, and potential threats to the financial system.
FinCEN rules refer to the regulations and guidelines set forth by the Financial Crimes Enforcement Network. These rules are designed to combat money laundering, terrorist financing, and other financial crimes. They include specific requirements for financial institutions and certain businesses to report and monitor certain types of transactions, as well as to establish and maintain effective anti-money laundering (AML) programs.
The purpose of the Corporate Transparency Act (CTA) is to prevent and deter money laundering, terrorist financing, and other illicit financial activities. It aims to enhance the transparency of business entities by requiring them to disclose information about their beneficial owners. The CTA was enacted to provide crucial information to law enforcement agencies for investigations and analyses, to improve the integrity of information available to financial institutions conducting due diligence, and to assist in the detection and prevention of illicit activities. By requiring companies to provide this ownership information, the CTA closes loopholes that could otherwise be exploited by persons engaged in illegal enterprises.
The Reporting Rule exempts the following twenty-three types of entities from the Beneficial Ownership Information (BOI) reporting requirements:
Securities reporting issuer Governmental authority Bank
Credit union Depository institution holding company Money services business
Broker or dealer in securities Securities exchange or clearing agency Other Exchange Act registered entity
Investment company or investment adviser Venture capital fund adviser Insurance company
State-licensed insurance producer Commodity Exchange Act registered entity Accounting firm
Public utility Financial market utility Pooled investment vehicle
Tax-exempt entity Entity assisting a tax-exempt entity Large operating company
Subsidiary of certain exempt entities Inactive entity

Beneficial Owners: Entities must identify their beneficial owners, defined as individuals who either own 25% or more of the equity interests of the entity or exercise substantial control over the entity.

25% Ownership: The 25% ownership criterion for Beneficial Ownership Information (BOI) reporting refers to individuals who directly or indirectly own at least a 25% equity interest in a company or legal entity. This includes any form of equity, such as shares, capital, or profits.

Substantial Control: “Substantial control” in the context of Beneficial Ownership Information (BOI) refers to the authority to make significant decisions affecting the entity, regardless of equity ownership. This could include senior officers, executives, or anyone else who has significant influence over the company’s operations, policies, or financial transactions.

To qualify as a “large operating company” and be exempt from the Beneficial Ownership Information (BOI) reporting requirements, an entity must meet all of the following criteria:

  1. Employment: The entity must employ more than 20 full-time employees in the United States.
  2. Operating Presence: The entity needs to have an operating presence at a physical office within the United States, which is a location that the entity owns or leases and is distinct from any other unaffiliated entity.
  3. Gross Receipts or Sales: The entity must have filed a federal income tax or information return in the United States for the previous year showing more than $5,000,000 in gross receipts or sales. This amount should be net of returns and allowances. If the entity is part of an affiliated group of corporations, the consolidated return for the group applies.

Under the Corporate Transparency Act (CTA), the following entities are generally required to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN):

 

  1. Corporations, LLCs, and Other Similar Entities: This includes corporations, limited liability companies, and other entities that are created by filing a formation document with a state office, such as a secretary of state.

 

  1. Foreign Entities: Certain foreign entities that are registered to do business in the United States must also report beneficial ownership information to FinCEN.

 

The CTA aims to cover entities that might otherwise be used to conceal ownership and control to facilitate illicit activities. Entities need to review the CTA’s provisions or consult with legal counsel to determine whether they are subject to the reporting requirements or if they qualify for any exemptions.

For beneficial ownership reporting under the Corporate Transparency Act (CTA), the required information typically includes:

 

  1. Identifying Information of Beneficial Owners: This covers the name, date of birth, address, and an identification number (such as a passport number or driver’s license number) for each beneficial owner. You will need a scanned image of your non-expired Government-issued ID (driver’s license, state-issued government ID, passport) ready for upload to the FinCEN FilePro system.
  2. Details of Ownership or Control: Information about the nature and extent of the beneficial ownership or control exercised by each individual.
  3. Entity Details: Information about the reporting entity itself, including its name, business address, and, if applicable, its online presence.
  4. Identification of Filer: The individual submitting the information must also provide their details, including their name and contact information.

This information helps authorities understand who ultimately owns, controls, or benefits from a company and can be crucial in efforts to combat financial crimes like money laundering and terrorist financing.

Under the Corporate Transparency Act (CTA), any changes to the beneficial ownership information previously submitted to FinCEN must be reported within 30 days of the change. This requirement ensures that the information held by FinCEN is up-to-date and accurate, reflecting any significant changes in the ownership or control structure of the reporting entity. Regular updates are crucial for maintaining compliance with the CTA and aiding in the prevention of financial crimes such as money laundering and terrorist financing.
The penalties for not complying with the Corporate Transparency Act (CTA) can be significant. They include both civil and criminal penalties. For failing to report beneficial ownership information or intentionally providing false information, the consequences can include civil penalties of up to $500 for each day of non-compliance and criminal fines of up to $10,000. Additionally, violators may face imprisonment for up to two years. These penalties underscore the importance of adhering to the reporting requirements set forth in the CTA.

Under the Corporate Transparency Act (CTA), a “beneficial owner” is defined as an individual who, either directly or indirectly, meets one or both of the following criteria:

  1. Exercises Substantial Control: This refers to an individual who has significant influence over or responsibility for key decisions regarding the entity’s operations, finances, or other significant matters.
  2. Owns or Controls a Substantial Interest: This typically means an individual who owns or controls at least 25% of the ownership interests in the entity.

The definition is designed to identify individuals who have the authority to exert significant influence over a company or who hold a substantial ownership stake in it.

No, under the Corporate Transparency Act (CTA), it is expected that a reporting company will have at least one individual who meets the definition of a beneficial owner. The Act defines a beneficial owner as someone who either exercises substantial control over the company or owns a significant portion of it. In rare cases where a company genuinely does not have any individuals who meet these criteria, the company should carefully review the CTA’s provisions and possibly seek legal advice to ensure compliance and proper reporting to FinCEN.
FinCEN takes the privacy and security of reported information very seriously. FinCEN implements strict confidentiality measures and robust security protocols to protect the data collected under the Corporate Transparency Act and other regulations. These measures are designed to safeguard sensitive information from unauthorized access and disclosure. Access to this information is limited and closely monitored, ensuring it is used solely for authorized law enforcement, national security, or intelligence purposes. FinCEN’s approach aligns with federal laws and standards for data protection, reflecting its commitment to maintaining the integrity and confidentiality of the data it collects.
FinCEN Advisors helps businesses understand and fulfill their reporting obligations under the CTA. We assist with the preparation of documentation, filing of reports, and ensuring that all information is accurate and submitted on time. Please see our [service page] for a full list of how we can help.
Yes, it is possible to delegate the responsibility of filing to a third party under the Corporate Transparency Act (CTA). Companies can choose to use the services of external professionals, such as FinCEN Advisors, to assist with preparing and submitting their beneficial ownership information to FinCEN. However, it’s important to note that while the filing process can be delegated, the legal responsibility for the accuracy and timeliness of the information reported to FinCEN ultimately rests with the reporting company.

Schedule a quick Call

Schedule a quick 15-minute call with a FinCEN Advisors expert today! We’ll discuss how FinCEN FilePro can propel your firm to the forefront of the CTA compliance landscape and unlock substantial revenue potential.

For a limited time only, mention this article and receive a free consultation kit with valuable resources to get you started!

P.S. Spots are limited, so act fast! This is your chance to gain a competitive edge, unlock substantial revenue potential, and solidify your position as a trusted advisor in the age of CTA compliance.

FinCen Advisors specializes in helping businesses comply with the Corporate Transparency Act and Beneficial Owner Information (BOI) filing requirements. We offer clear, stress-free solutions to ensure legal obligations are met with ease, providing businesses with confidence and peace of mind in their compliance journey.

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