FORT LAUDERDALE, Fla., Aug. 7, 2024 /PRNewswire/ — FileForms, a pioneer in Beneficial Ownership Information (BOI) reporting solutions and Corporate Transparency Act (CTA) compliance technology, is proud to announce its achieved SOC2 Type I compliance. This milestone underscores FileForms’ commitment to supporting businesses registered in the United States and their advisors in filing BOI reports securely and efficiently as filing deadlines quickly approach for over 32.6 million businesses across the nation.
Compliance and meticulous documentation are paramount in the BOI reporting process, which necessitates the disclosure of copies of government IDs and other personally identifiable information (PII). FileForms now enhances the reporting process by leveraging cutting-edge Artificial Intelligence (AI) and Machine Learning (ML) technologies along with SOC2 compliance to efficiently and securely aggregate and store client data while facilitating reporting directly with the Financial Crimes Enforcement Network (FinCEN).
Our latest encrypted ID upload method, designed with ease of use and security in mind, enables users to use their smartphone to take a photo of their ID and automatically input the data on their ID into their FileForms Beneficial Owner profile without any manual input. This AI and ML-enhanced feature saves the user time while verifying their address in real time. Given the nature of this highly sensitive information, FileForms has taken another leap forward by attaining SOC2 compliance to ensure privacy and security for its clients and partners who will need to maintain this data set for any change of information refiling with FinCEN.
“Achieving SOC2 Type 1 compliance is one of the many ways we demonstrate our commitment to maintaining high-security standards and data protection. Based on consistent feedback from our clients and partners, we believe we have the most optimized and customizable BOI filing experience in the market and will continue to innovate to make BOI reporting and CTA compliance as easy and secure as it can be,” said Frank Tumminello, Chief Executive Officer and Co-Founder at FileForms. “Our newest features significantly enhance ease of use with cutting-edge AI and ML methodologies targeting a remarkable filing experience for our valued clients and partners.”
These advancements align with nearly two years of dedicated BOI reporting technology development and come as FileForms approaches the annual anniversary of its product launch in September 2023. With most businesses still needing to file by the end of 2024, FileForms helps business owners and their advisors navigate the reporting process efficiently and at scale, saving time and reducing errors that could lead to costly government penalties of up to $10,000 per company.
To further ensure security and privacy, FileForms integrates directly with FinCEN, the federal agency enforcing the reporting requirements on legal entities across the nation. FinCEN’s goal is to build a private database to regulate and deter financial crimes. The information provided on BOI reports will be compiled in the government database, which will have limited access to government agencies and select financial institutions.
“As FileForms continues to expand its distribution network, which now represents several million businesses and includes accountants, attorneys, associations, family offices, real estate, and investment professionals, our aim is to innovate and integrate with more platforms and databases to drive an absolutely seamless and secure reporting process,” said Tumminello. FileForms believes this strategy ensures its platform will remain at the forefront of potential changes impacting clients’ sensitive information while securely providing it to federal and state regulators in a timely manner.
Awareness is crucial as this new law impacts 32.6 million businesses, the vast majority of which have yet to learn about the CTA and likely are unfamiliar with FinCEN, which aims to receive BOI reports from all these entities by the end of the year. The agency continues to do its best to spread awareness through in-person roadshows and online events. Despite these efforts, only three million businesses have filed this year, and business advisors will need to play a serious role in spreading education to help their clients avoid government penalties and provide solutions for BOI reporting.
FileForms is designed by accounting, legal, and financial professionals to serve the diverse communities of businesses and advisors who need to achieve CTA compliance.
For more information, please visit www.fileforms.com or contact ian@fileforms.com.
About FileForms
FileForms is at the forefront of CTA compliance technology, offering innovative solutions to help businesses and their advisors meet regulatory requirements efficiently and securely. To learn more about pricing click here.
Media Contact:
Ian Quinlan
Client Director – Sales and Services
1-888-515-3453
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