FATCA Compliance
The US Foreign Account Tax Compliance ACT (FATCA) was a component of the HIRE Act, Enacted March 18 2010. Detica NetReveal® can help organisations address the key requirements of FATCA.
Key requirements of the Act include customer and account aggregation,customer identification, customer classification and management workflow, and internal and external reporting (to IRS).
The Detica NetReveal® solution for FATCA is able to provide:
- Extensions to customer due diligence (CDD) and know your customer (KYC) as part of a bank’s on boarding and monitoring process - assessment of FATCA reporting obligations at both onboarding time and an on-going basis.
- Comprehensive structured and unstructured information searching for US indicia – such as US citizenship or standing instructions to transfer funds.
- FATCA Workflow covering customer remediation and documentation collection available as a ‘service’ to plug into existing business workflows. The solution can be configured to support a bank’s existing requirements while facilitating the workflow and requirements of FATCA.
- Reporting in support of FATCA requirements - including periodic and annual disclosure to the IRS of accounts held by US citizens and entities, account type reporting and group-wide reporting.
- Accelerating Beneficial Ownership determination – for entities with 10 per cent US direct or indirect beneficial ownership. Adding business value through accelerating the acceptance process.
- Customer asset aggregation and single customer view – including customer or entity’s relationships within a bank’s data or relationships which can indicate US citizenship or ownership.
For more information please download the discusion document FATCA - Key impacts and suggestions for compliance from the knowledge centre.