ComplianceMarch 05, 2024

Summit Technology Group and Wolters Kluwer collaboration focuses on U.S. Corporate Transparency Act 

Relationship helps facilitate awareness and understanding of new beneficial ownership rule

Summit Technology Group (STG) and Wolters Kluwer CT Corporation are working together to foster greater awareness among small businesses in complying with the new “beneficial ownership information” reporting rule under the U.S. Corporate Transparency Act (CTA) that went into effect at the beginning of 2024.  

“We are pleased to be working with Wolters Kluwer to help increase awareness around the beneficial ownership rule,” said Ben Wallace, CEO of STG. “There are significant consequences under the CTA for non-compliance. We want to arm our financial institution customers with as much information to help them work with their end customers to determine if they are subject to the new rule and, if so, to help make an informed decision about the approaches available to comply.” 

Earlier this month, Wolters Kluwer CT Corporation announced the launch of its Beneficial Ownership Platform to facilitate compliance with the reporting rule. The solution provides a secure hosting environment for uploading, storing, and updating beneficial ownership information, using a streamlined workflow that simplifies filing and compliance for both single-entity as well as multiple-entity filers.  

“Given STG’s work supporting a range of financial services institutions, it is ideally positioned to help make its customers aware of the beneficial ownership reporting rule they may be subject to—along with resources that can help ensure compliance with the new rule,” said Rupak Venugopal, Vice President, Beneficial Ownership, for Wolters Kluwer’s FCC division. Collaborating with industry players like STG can substantively help further build awareness and understanding of the new reporting requirements.” 

More information is available on the dedicated Wolters Kluwer resource page, “Beneficial Ownership Information Compliance from CT Corporation.” 

CT Corporation is the leading provider of registered agent services, incorporation services, and legal entity compliance. It is part of Wolters Kluwer’s Financial & Corporate Compliance (FCC) division and has a global reach into over 150 countries; 350,000 small businesses trust CT Corporation to handle their compliance needs with the help of innovative solutions. 

Summit Technology Group (STG), the parent company of Lenders Cooperative, is focused on helping community and regional financial institutions modernize their lending solutions and internal workflow processes. It has built a boutique consulting, outsourced services, and software practice, which powers solutions for thousands of banking organizations in the United States and has operated some of the largest lending programs in operation today. 

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