The Foreign Account Tax Compliance Act (FATCA) requires all foreign financial institutions (FFIs) and any other financial intermediaries to report and disclose U.S. assets in their accounts. Under the legislation, FFIs are required to enter into disclosure compliance agreements with the U.S. Treasury.
FATCA compliance involves carefully evaluating various case scenarios and records in order to identify which clients are likely to be covered by FATCA. To do this, firms must ensure they have the appropriate software and procedures in place to comply in advance of the legislative deadlines.
Related Topic: Common Reporting Standard (CRS).
Our Dedicated FATCA Platform
We have built a dedicated FATCA platform on our core AutoRek system. The key capabilities of AutoRek allow it to source data from various systems or sources, associate that data with other data and enrich the data set as new linkages, sources and information becomes available.
Thus many accounts associated with each other can be linked for assessment for risk of FATCA being applicable, and multiple attributes can be included in business rules to indicate whether someone may be subject to FATCA provisions. This may be a place of birth, a passport number, their home address or even with whom they have another bank account.
We assist the clients, capture the data, highlight the records that require assessment or completion and communicate with their clients or stakeholders the outcomes.