CorpWatch: A New Compliance and Anti-fraud Tool for NJ Businesses
13 April 2015 - 4:00PM
Business Wire
The New Jersey Department of the Treasury, Division of Revenue
and Enterprise Services, has launched CorpWatch, a new service that
allows companies to monitor all filings made regarding their
businesses.
CorpWatch enables corporations and limited liability companies
to be notified, in real time, of any legal documents filed with the
Division, including filings that affect a company’s legal status
and public contact addresses. This innovative service will add a
new dimension for businesses interested in finding more efficient
ways to ensure compliance with New Jersey’s legal filing
requirements. It also serves as an anti-fraud tool by alerting
businesses to potentially unauthorized, fraudulent filings.
CorpWatch is accessible via the Division’s website at
http://www.nj.gov/treasury/revenue/ or by visiting the service
directly at https://www.njportal.com/corpwatch.
“This new service represents an important step forward in the
ongoing improvement of our business services program,” said James
Fruscione, Director of the New Jersey Division of Revenue and
Enterprise Services. “This will empower businesses by putting our
public information to use through a new, collaborative
channel.”
The new service automatically checks for legal business filings
on a daily basis. Customers who sign up for the service indicate
which businesses they wish to monitor, and designate the
representatives who should receive filing alerts. For each business
monitored, a text or email alert will be sent whenever the Division
files a change or amendment.
Such changes and amendments include annual report filings,
charter amendments, revocation/voidance actions, changes to
registered agent and service of process – which involves formal
notice regarding legal actions such as a civil action filed against
the business. The alerts will empower businesses to flag
unauthorized amendments and changes immediately and to notify the
Division and other concerned entities, such as banks and payroll
processing firms for follow up actions.
Customers will be able to edit the list of businesses monitored
and individuals who receive notifications through their online
account.
Unauthorized changes to business information are among the most
common forms of corporate fraud, according to Dun & Bradstreet,
the business information provider.* Commercial and legal filing
systems administered by state governments are rich sources for
basic business information, including contact addresses, names of
officers and managing members and registered agents. As a result,
services such as CorpWatch are becoming important business
intelligence and security tools for corporations.
The service is the product of a partnership between the State of
New Jersey and the New Jersey Information Division of NICUSA, Inc.
The New Jersey Information Division of NICUSA, Inc. is the official
eGovernment partner of the State, helping New Jersey government
entities to web-enable their information services.
Several other states have launched services similar to New
Jersey’s, including Utah, Maine, Alabama and Hawaii. The service
was developed at no cost to the State.
* Combating corporate ID theft and fraud. Dun & Bradstreet
(Australia) Pty Ltd. http://bit.ly/1Bq0PFH
New Jersey Information Division of NICUSA, Inc.General
ManagerCasey Faiman, 609-422-5959casey@egov.com
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