Wolters Kluwer Beneficial Ownership Platform Wins 2024 FinTech Breakthrough Award

Expert solution triumphs in the “Fraud Prevention Innovation” category

NEW YORK--(BUSINESS WIRE)--Wolters Kluwer, a global leader in professional information, software solutions, and services, has been recognized for product excellence in the FinTech Breakthrough Awards’ Fraud Prevention Innovation category for development of its Beneficial Ownership Platform. Wolters Kluwer’s expert solution aims at helping the nearly 33 million businesses impacted by the beneficial ownership reporting rule under the U.S. Corporate Transparency Act (CTA).

“Wolters Kluwer has long been a market leader in helping businesses manage regulatory complexity and providing expert solutions to enable a wide range of professionals to serve them as well: compliance with the new beneficial reporting requirement is no exception,” said Steven Meirink, CEO, Wolters Kluwer Financial & Corporate Compliance.

“We were first to announce to the market the launch of a beneficial ownership reporting solution on January 2nd, 2024. To develop the solution, we consulted with a broad range of businesses impacted by the new rule and the many advisors and thought leaders who partnered with us, incorporating their early feedback into our product to help ensure these businesses can meet current and ongoing CTA obligations,” he said. “We appreciate the FinTech Breakthrough team for recognizing our important product innovations.”

Wolters Kluwer’s Beneficial Ownership Platform supports compliant Beneficial Ownership Information (BOI) filing, providing a secure, streamlined workflow to simplify filing and compliance for both single-entity as well as multiple-entity filers. The intuitive, five-step workflow dramatically increases efficiency, reduces the risk of incorrect filings, and offers a secure hosting environment for uploading, storing, and updating beneficial ownership information. It also enables an entity to send an updated report every time their information changes.

“Wolters Kluwer is to be commended for being fully engaged around CTA/BOI reporting by sharing best practices amongst industry participants for a rule designed to help combat money-laundering and other financial fraud. Despite significant consequences for non-compliance, awareness of the rule is remarkably low,” said Steve Johansson, Managing Director, FinTech Breakthrough. “We’re proud to recognize the efforts of Wolters Kluwer as the company stands at the forefront in raising awareness among small business, accounting and law professionals, and other audiences impacted by this mandatory rule.”

Financial & Corporate Compliance is a division of Wolters Kluwer and provides a wide range of technology-enabled lending, regulatory and investment compliance solutions, corporate services, and legal entity compliance solutions. These expert services and solutions help financial services and corporate professionals maintain ongoing compliance requirements, increase efficiency and produce better business outcomes.

Now in its eighth year, the FinTech Breakthrough Awards recognizes FinTech innovators, leaders and visionaries from around the world in a range of categories including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more.

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About Wolters Kluwer

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

Wolters Kluwer reported 2023 annual revenues of €5.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,400 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, YouTube and Instagram.