Corporate Transparency Act
With the impending enforcement of the Corporate Transparency Act in January 2024, it's time to prepare. Discover how Kim's automated process simplifies the capture of Beneficial Ownership Information for all your clients at an affordable price.
Just 'Click and Run'!
Is your firm preparing for the Corporate Transparency Act (CTA)?
Have you been tasked with collecting Beneficial Ownership Information from your clients in relation to the CTA?
Imagine the impact on your firm if you could streamline this process through automation. How much valuable time could you save? What if there was an affordable solution out there that could help?
Join the ranks of law firms and legal professionals who rely on Kim to automate the collection of Beneficial Ownership Information from their clients.
If you would like to find out more about how Kim can help, complete the quick form.
Alternatively, read on...
How Kim Helps
Kim has developed a comprehensive automated process to facilitate the thorough compilation of information required for the Beneficial Ownership Information (BOI) Report.
The client experience:
The client receives an email from the lawyer with a link to an online form asking them to supply the information required for the Beneficial Ownership Information (BOI). The client clicks the link, enters their details, and the system sends them a one-time-only code so they can proceed, safe in the knowledge that the information they supply is secure. Once the client enters the Access Code, the online form launches, and they supply the information requested. Upon completion, they hit submit, and both the client and the lawyer automatically get a copy of the full report using the information submitted.
The lawyer experience:
The lawyer sets up a campaign using Kim, complete with an initial email that includes the link to the online form and a reminder email that is sent automatically to those who have yet to complete the form on a predetermined date. The lawyer gets alerted in their Kim Workspace when a client completes the form and they receive a copy of the completed document. The lawyer can also bulk download all the information from all the responses into a spreadsheet and analyze the data or push it into other systems.
Cost Effective
Unlike traditional models, Kim's pricing is solely based on the number of automators, offering a highly cost-effective solution with an annual cost typically below $2000, making it a viable choice for small and mid-size firms seeking process automation.
Customizable
Users have the flexibility to easily modify the text and layout, include or remove questions, and personalize the generated form by incorporating their firm's logo. If you are using O365, the emails will be sent from your email or one of your designated service accounts.
Easy to Use
The client experience is quick and secure. They click the link which they receive in the email, get the one-time-use code, enter it and hit submit. The online form launches, and they complete the details. When they hit submit they receive an email with a PDF of their submitted answers.
Versatile
The Kim Document campaign functionality is versatile and can be used to send the BOI form to tens, hundreds, or thousands of clients, offering comprehensive tracking, document generation, and, when applicable, integration with other systems.
Secure
Clients receive a one-time-only password via email for secure access to the online form. This enhances security by providing a unique, time-sensitive code, reducing the risk of unauthorized entry and adding an extra layer of protection to sensitive information.
No-Code
Kim is a no-code solution, meaning non-technical staff are able to independently create and manage campaigns, customize online forms, and gain immediate access to collected data facilitating real-time decision-making and analysis.
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Standard integrations with AI platforms such as Clarifai, Google Vision and Amazon Rekognition provide automated tagging capabilities for improved search and reduced effort in metadata tagging.
Standard integrations with AI platforms such as Clarifai, Google Vision and Amazon Rekognition provide automated tagging capabilities for improved search and reduced effort in metadata tagging.
Standard integrations with AI platforms such as Clarifai, Google Vision and Amazon Rekognition provide automated tagging capabilities for improved search and reduced effort in metadata tagging.
Standard integrations with AI platforms such as Clarifai, Google Vision and Amazon Rekognition provide automated tagging capabilities for improved search and reduced effort in metadata tagging.
Standard integrations with AI platforms such as Clarifai, Google Vision and Amazon Rekognition provide automated tagging capabilities for improved search and reduced effort in metadata tagging.
Standard integrations with AI platforms such as Clarifai, Google Vision and Amazon Rekognition provide automated tagging capabilities for improved search and reduced effort in metadata tagging.
Standard integrations with AI platforms such as Clarifai, Google Vision and Amazon Rekognition provide automated tagging capabilities for improved search and reduced effort in metadata tagging.
Standard integrations with AI platforms such as Clarifai, Google Vision and Amazon Rekognition provide automated tagging capabilities for improved search and reduced effort in metadata tagging.
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Why the Corporate Transparency Act (CTA) Matters
With the impending enforcement of the Corporate Transparency Act (CTA) on January 1, 2024, it is crucial to note that approximately 32 million entities will soon be obligated to disclose personal information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), an agency within the U.S. Treasury Department. Although this law primarily targets the prevention of money laundering, terrorist financing, and other financial crimes, its extensive regulations will have far-reaching implications for numerous businesses operating in the United States.
Organizations subject to the CTA must submit a Beneficial Ownership Information Report (BOI) to FinCEN. This report should encompass comprehensive details, including the full legal name, date of birth, current residential or business address, and a valid identification document image for each beneficial owner.
As the implementation date in 2024 approaches, law firms can support their clients by helping companies commence their preparations and ensure they are well-prepared to comply with the CTA when it takes effect. They can and should work with their clients to gather the information and either get them to submit the information to FinCEN themselves or agree to do it on their behalf.
The Details
We've included an overview of the details relating to the Corporate Transparency Act. You can access full details about the Beneficial Ownership Information on the FinCEN website here.
Understanding Beneficial Owners
A beneficial owner is an individual who, whether through direct or indirect means, and through any contract, arrangement, understanding relationship or other means, exercises significant control over a reporting company or possesses ownership or control over a minimum of 25% of the ownership interests of said company.
Which Companies Are Subject to the CTA?
Which Companies Are Exempt?
There are twenty-three distinct categories of entities that are granted exemptions from reporting, including accounting firms, banks, credit unions, insurance companies, and specific investment firms, to name a few. You can access a comprehensive list of these exempt entities in the Frequently Asked Questions section on FinCEN's website.
An entity may qualify for an exemption if it meets one of these conditions: has a physical presence in the US with over 20 full-time employees and over US$5 million in gross receipts or sales, or it's a dormant entity with no assets or financial activities.
Reporting Deadlines
Reporting companies established before January 1, 2024, are granted until January 1, 2025, to submit their initial report to FinCEN. In line with proposed regulations released on September 27, 2023, reporting companies created between January 1, 2024, and January 1, 2025, must file their initial report within 90 days of the company's formation. For reporting companies established after January 1, 2025, the requirement is to file an initial report within 30 days following the company's formation.
Remember, non-compliance with reporting requirements, if done wilfully, can result in substantial financial penalties.
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