Alanna.ai and Settlor today announce a collaboration to develop technology solutions aimed at helping title and escrow companies comply with new federal reporting requirements under the Financial Crimes Enforcement Network’s (FinCEN) anti-money laundering rule (AML).
The partnership integrates Alanna.ai’s compliance tools with Settlor’s provider-agnostic title production system, giving title professionals multiple options for managing FinCEN-related workflows without being locked into a single technology ecosystem.
FinCEN’s new AML rule takes effect March 1.
Under the collaboration, users of Settlor’s platform may directly access Alanna.ai’s communication, digital signing and data collection tools designed to support the new reporting requirements.
At the same time, users retain access to Settlor’s native compliance solutions through its secure portal.
According to Settlor President and co-founder John Freyer, the collaboration reflects a growing need for interoperability in title technology.
“Interoperability is something the title industry needs now more than ever. Our clients consistently tell us that being able to work with the banks, the underwriters and the technology providers they trust most — often on a file-by-file basis — is critical to their success,” he said. “That usually means something different from business to business, market to market and order to order.
“One firm may need one combination of technologies and underwriters for their needs, while the next may want a completely different blend.”
The combined offering supports the full lifecycle of FinCEN-reportable transactions, including data collection, organized work queues to track transaction status, integration with FinCEN’s reporting interface and real-time dashboards that allow managers to monitor progress from initial collection through submission.
The FinCEN AML rule will apply nationwide to certain non-financed residential property transfers to legal entities or trusts. The rule broadly defines residential property and includes some vacant land and commercial properties.
Hoyt Mann, president and co-founder of alanna.ai, says, “The closing process is already controlled chaos, and a number of agents have told us the new data gathering and reporting requirements will likely only add to that,” Mann said. “However, our Alanna Smart Forms and digital signing capability users have told us that our solution significantly streamlines the execution of these new requirements, not to mention easing some of the anxiety and stress agents are feeling in advance of the looming deadline.”
Alanna.ai’s Smart Forms include a specialized form to support the AML rule’s mandatory data collection requirements, along with automated reminders and digital signing capabilities.
Digital signing technology uses public-private key encryption to bind signer identity to document contents, invalidating signatures if documents are altered after signing.
English (US) · 