"SoftPro has released new integrated software tools designed to help title companies comply with the Financial Crimes Enforcement Network's (FinCEN) new anti-money laundering rule. The company said its Buyer and Seller Collection Forms are available to help users gather required data under the rule with tools supported across SoftPro Select, Standard and Enterprise software editions. The new FinCEN requirements present a unique challenge to the title industry, and we are pleased to provide FinCEN-compliant data collection solutions for our customers, SoftPro President Joyce Weiland said."
"Our new data collection solutions are integral in helping our customers navigate the change. SoftPro said users of its ClosingsLIVE communication portal can send the FinCEN collection forms electronically and receive completed forms securely. Leaders added that manual submission of required reports to FinCEN is currently available and an option to submit reportable files through the SoftPro 360 vendor portal is planned."
SoftPro released integrated software tools to help title companies gather and report data required by FinCEN's new anti-money laundering rule. Buyer and Seller Collection Forms are available across SoftPro Select, Standard and Enterprise editions. ClosingsLIVE users can send the FinCEN forms electronically and receive completed forms securely. Manual submission of required reports to FinCEN is available now, and a planned option will allow submission of reportable files through the SoftPro 360 vendor portal. The FinCEN rule requires additional reporting and data collection for real estate transactions. Implementation was postponed from Dec. 1 to March 1 to reduce business burden.
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