Managing FATCA Compliance Processes Through Software Automation

As many Bank Compliance Officers know, the Foreign Account Tax Compliance Act (“FATCA”), which went into effect on July 1, 2014, and was intended to reduce levels of tax avoidance by citizens of the U.S. and entities via foreign financial institutions (“FFIs”).  The intention of FATCA is to identify U.S. citizens responsible for paying U.S. taxes, however, are utilizing non-U.S. financial institutions and accounts offshore in order to avoid such tax requirements.

As many of you probably already know all too well, FATCA has required a tremendous amount of human capital and attention from institutions such as your own.  It has significantly impacted the compliance processes, as the requirements are quite complex and onerous.

Our system allows you to document the required due diligence for your clients to classify account holders or investors as either U.S. or non-U.S., documenting the 30% withholding in U.S. taxes when individuals fail to provide the appropriate documentation or when doing business with non-compliant entities, and handle all reporting requirements for account information processes for a simplified submittal process to the IRS.  We provide the capability to manage cases and route them through multiple stakeholder’s and process requirements, store documentation and verification documents in the system, and classify them accordingly.

As the increases in resources required to be compliant with FATCA, 360Factors wants to assist you in assuring you are compliant and have properly documented the necessary processes to demonstrate compliance.  We also want to assist you in saving resources and time of your compliance officers and personnel in an effort to increase profitability and oversight and decrease regulatory risk and fines.

360Factors, Predict360 allows your organization to easily handle the complexities and requirements of FATCA, while decreasing human capital compliance costs and increasing accountability and oversight to ensure your organization is compliant with the regulatory requirements.

 

*The author’s views and opinions are entirely his or her own and may not reflect the views and opinions of 360factors.

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