The new functionality expands Ontra’s best-in-class entity management solution.
Ontra, the leading provider of AI-powered legal technology solutions for private capital investment firms, announced the launch of automated Corporate Transparency Act (CTA) filing in Atlas, its AI-powered entity management solution.
“Private funds managers are telling us the CTA is one of their most pressing compliance concerns,” said Troy Pospisil. “Facilitating CTA compliance with manual workflows imposes additional resource and cost burdens at a time when firms must do more with less to maintain margins in a challenging operating environment.”
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Automated CTA filing is the latest way Atlas supports fund managers in complying with beneficial ownership filing requirements:
-Organize and manage beneficial ownership information for all entities in an AI-enabled single source of truth
-Designate which entities require CTA filings and which are exempt
-Quickly reference key identity details required for reporting
-Make updates to beneficial ownership information that automatically apply across entities and structures
-Automate CTA filing with a single click
Corporate Transparency Act compliance demands a scalable solution. The CTA’s filing requirements for new entities took effect earlier this year, and on January 1, 2025, all pre-2024 non-exempt entities must file within 30 days of formation or a change in beneficial ownership. Noncompliance can result in steep penalties, including civil fines. With Atlas, Ontra’s customers can manage CTA filings using fewer internal resources and less reliance on expensive outside counsel.
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Atlas is an AI-powered entity management solution purpose-built for private equity and asset managers. It uses automated workflows to help firms organize, manage, and share entity data, structure charts, and associated legal documents needed for managing a firm or fund.
Source – prnewswire
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