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in'FATCA

OVERVIEW

The Foreign Account Tax Compliance Act (FATCA) enacted in 2010 by the U.S Congress has a wide range of implications for Banks and Financial institutions over the world. A vigorous, cost-effective solution that can be integrated into the bank’s IT environment without impacting their day to day operations is required to fill the need imposed by this regulation. valoores in' Foreign Account Tax Compliance Act (FATCA) Management solution helps you mitigate the risk accompanied with FATCA on time and at lower risk:

  • Pre-configured account categorization rules and indicia checks
  • Existing account review rules
  • Due diligence cases based on industry leading best practice
  • Withholding account/transaction definitions
  • Various format for reports, including Excel, PDF, text, and XML

KEY BENEFITS

  • Lowers implementation risk by utilizing compliance architecture
  • Reduces lead time by leveraging existing onboarding system
  • Provides real-time feedback to existing on-boarding systems
  • Manages FATCA list and withholding list from a single repository
  • Provides a 360-degree view of the customer from FATCA perspective

KEY FEATURES

  • Pre-configured account categorization rules and indicia checks
  • Existing account review rules
  • Due diligence cases based on US compliance best practices
  • Full audit trail, configurable rules, and common data model
  • Full work flow for creation and filing of electronic reports to the US or local regulators
  • Withholding account/transaction definitions
  • Export reports on various formats such as PDF, Text file and XML