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Softpro Releases Fincen Anti-money Laundering Data Solutions

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.

The new FinCEN rule requires additional reporting and data collection related to real estate transactions.

In late September, FinCEN announced it was postponing the implementation of the policy from Dec. 1 to March 1.

At the time, FinCEN said the decision was made to “reduce business burden and ensure effective regulation.”

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Softpro Releases Fincen Anti-money Laundering Data Solutions

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