Starting this year, many companies will be required to report information about their beneficial owners — the individuals who ultimately control the company. With that new requirement come new products to help companies and their legal counsel comply. I reported on one of these last month, and now there is another.
Wolters Kluwer is adding a new beneficial ownership information (BOI) functionality to Legisway, the company’s SaaS legal information and contract management platform 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, Wolters Kluwer says.
With this functionality, Legisway enables even complex organizations to pinpoint companies that fall subject to the CTA while identifying officers and shareholders who qualify as beneficial owners, Wolters Kluwer says. Sensitive information can be curated and stored from within Legisway’s secure environment. It will also allow for exporting information, such as for importing BOI into a filing solution.
Already, Wolters Kluwer had last month launched a BOI expert solution for filing and ongoing compliance. Wolters Kluwer CT Corporation introduced a beneficial ownership compliance platform intended to simplify filing and compliance for both single-entity and multiple-entity filers.
“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 and 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.”