Profile: F-Analytics FATCA

Product Description

In recent years, the need to overcome tax evasion for U.S. citizens became an important step in enacting “The Foreign Account Tax Compliance Act (FATCA)” as e measure to identify non-U.S. financial accounts of U.S. domestic taxpayers and report their assets.

Foreign Financial Institutions (FFI) are accountable to identify customers subject to FATCA and report to U.S. Internal Revenue Service (IRS). The obligation to comply with the new rules posed several challenges to banks and financial institutions that in the effort to effectively mitigate compliance risk, implemented a set of policies & procedures to comply with IRS regulations.

In response to the new challenges of the industry, Facilization designed, developed and implemented a holistic and automated solution that addresses FATCA Reporting Requirements and acts as a bridge between regulatory requirements and technology.

Key benefits:

Enhance customer service and communication with customers, subject to FATCA, by identifying customers and ensuring accurate and consistent information.
Automated process of data encryption. Decryptions of IDES notification in only a few minutes.
User-friendly. End-users can easily generate the full reporting package without any need for technical expertise while keeping the full flexibility of features.
Brings the experience of a proved solution and technology to address your FATCA compliance.