In response to the Financial Crimes Enforcement Network’s (FinCEN) new anti-money laundering (AML) rule, SoftPro has released integrated software solutions to help title professionals comply with the new rule. SoftPro’s solutions for data collection via the buyer/seller collection forms are available now.
“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,” Joyce Weiland, president of SoftPro, said in a release. “Our new data collection solutions are integral in helping our customers navigate the change.”
SoftPro has FinCEN data collection tools available for the SoftPro Select, Standard, and Enterprise software editions. SoftPro leaders say customers can be confident that they are in full compliance with the new AML rule. Users of SoftPro’s communication portal, ClosingsLIVE, can securely and electronically send the FinCEN Buyer/Seller collection forms and securely deliver the completed forms back. While manual submission of the Real Estate Report is currently an option, SoftPro customers will soon be able to utilize the SoftPro 360 vendor portal to submit a reportable file to FinCEN.