Wolters Kluwer's Legisway enhanced to support Beneficial Ownership Information

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Wolters Kluwer's Legal & Regulatory division introduces beneficial ownership information (BOI) functionality to Legisway, assisting corporate legal departments in complying with the Corporate Transparency Act. The new feature allows U.S. Legisway customers to identify and store BOI, export information, and streamline compliance. The CTA, effective from January 1, 2024, mandates U.S. businesses to report beneficial ownership information to FinCEN, impacting a wide range of domestic and foreign entities. Legisway's all-in-one SaaS platform aims to enhance collaboration and minimize risk for corporate law departments.

Corporate legal departments can now collect and store information needed to comply with Corporate Transparency Act

NEW YORK, Feb. 5, 2024 /PRNewswire/ -- Wolters Kluwer's Legal & Regulatory division is introducing beneficial ownership information (BOI) functionality to Legisway, the company's award-winning and all-in-one SaaS legal information and contract management solution for corporate legal departments. The new feature enables U.S. Legisway customers that are impacted by the beneficial ownership reporting rule under the Corporate Transparency Act (CTA) to identify and curate their BOI through a familiar interface.

"Many corporate legal departments already use Legisway to manage legal data all in one place including contracts, matters and entity information," said Ken Crutchfield, Vice President & General Manager of Legal Markets at Wolters Kluwer Legal & Regulatory U.S. "It is natural to add functionality for storing Beneficial Ownership Information in Legisway to support the need to track reporting entities, beneficial owners and even applicants in the same application used for other legal data."

Legisway empowers even complex organizations to swiftly pinpoint companies that fall subject to the CTA while identifying officers and shareholders who qualify as beneficial owners. Sensitive information can be seamlessly curated and stored all from within Legisway's secure environment. Legisway will also include options for exporting information, including for the purpose of importing BOI into a BOI filing solution.

Earlier this month, Wolters Kluwer launched a BOI expert solution for filing and on-going compliance, spanning its Financial & Corporate Compliance (FCC) and Tax & Accounting (TAA) divisions. Wolters Kluwer CT Corporation, a business of FCC, and its partners introduced a Beneficial Ownership Platform leveraging a secure, streamlined workflow to simplify filing and compliance for both single entity as well as multiple entity filers. For accounting firms and their clients, TAA has launched the CCH Axcess™ Beneficial Ownership solution, which automates the beneficial ownership information filing process for accounting firms that need to file large volumes of reports.

The CTA took effect on January 1, 2024 and requires applicable U.S. businesses to collect, document, and submit previously unreported beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). This BOI reporting requirement applies to a wide range of domestic and foreign entities registered in the U.S., as specified by FinCEN. 

Legisway is Wolters Kluwer's all-in-one SaaS platform focused on the needs of the corporate law department across contracts, intellectual property, real estate, entity management and compliance. The solution offers truly flexible enterprise legal information management that can be configured, helping corporate law departments enhance collaboration with the business and minimize risk.

About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software, and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.

Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,900 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, and YouTube.

MEDIA CONTACT:
Frank Ready
Senior Specialist, External Communications
Legal & Regulatory
Wolters Kluwer
Office: 717-205-3647
Email: Frank.Ready@wolterskluwer.com

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SOURCE Wolters Kluwer Legal & Regulatory U.S.

FAQ

What is the Corporate Transparency Act?

The Corporate Transparency Act (CTA) took effect on January 1, 2024, requiring applicable U.S. businesses to collect, document, and submit previously unreported beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN).

What is the new functionality introduced by Wolters Kluwer's Legal & Regulatory division?

Wolters Kluwer's Legal & Regulatory division introduced beneficial ownership information (BOI) functionality to Legisway, allowing U.S. Legisway customers to identify and store BOI, export information, and streamline compliance.

What is the purpose of Legisway's all-in-one SaaS platform?

Legisway's all-in-one SaaS platform aims to enhance collaboration with the business and minimize risk for corporate law departments across contracts, intellectual property, real estate, entity management, and compliance.