Stop Worrying About FinCEN Audits: The Hidden Risk of Your Manual Processes

If you’ve recently typed "Software to comply with FinCEN" into a search bar, you're not alone. The new FinCEN regulations have introduced a new layer of complexity and risk for the real estate and title industry. The worry is valid: the stakes are high, with penalties for non-compliance and the ever-present risk of audits.

But what if the biggest risk isn't just the regulation itself, but how you're trying to comply with it?

The Real Problem: Manual Data Collection

Many are defaulting to old habits: emailing PDF forms, asking clients to print, sign, and scan, and then manually re-keying that sensitive data.

This manual process is a compliance failure waiting to happen. As the carousel image states, it's "leaving room for errors and security gaps."

• Errors: A typo during manual data entry can lead to an automatic audit failure.
• Security Gaps: You're trafficking highly sensitive information (like SSNs or beneficial ownership details) through insecure channels like email. This is a prime target for fraudsters.
• Confusion: This process is confusing for your client. It forces them to guess who to trust and how to send information securely. As we've said before, a confused client is a vulnerable client, and a vulnerable client is a compliance risk.

Simplicity is the Solution to Compliance

You don't need another complicated system, another login, or another vendor portal to solve this. That just adds to the confusion and creates new fraud risks.

The solution is to integrate FinCEN compliance directly into the simple, secure process you already use.

CloseSimple’s FinCEN compliance tool is built directly into our platform. Here’s how it works:

1. Automate Secure Collection: We provide a secure, trackable digital form to collect all necessary beneficial ownership information.
2. Keep It In One Portal: Your client accesses this form in the same secure portal they already trust for wire instructions and transaction updates. No new logins, no guesswork.
3. Integrate Seamlessly: Once completed, the data is saved directly to your production software, eliminating manual entry and the errors that come with it.

Pass Your Audit, Every Time.

When you automate data collection within a single, secure system, you create a complete, trackable, and error-free record. You eliminate the security gaps of manual processes and the vulnerability that comes from client confusion.

You will never have to worry about failing a FinCEN audit again. Compliance becomes a simple, automated part of your closing.

Ready to see it in action?

Don't let manual processes put your business at risk. 

Schedule a demo of our FinCEN compliance tool today and see how simple, secure compliance can be.