FATCA Compliance

Key Challenges

  • Among your customers’ accounts spread across your institution’s lines of businesses, geographies and classification of relationships, how do you efficiently identify US account holder individuals and their substantial ownership in entities?
  • How do you pull customer data from disparate systems, along with their financial transactions, to build a unified view of your US customers, to serve as starting point of FATCA compliance?
  • How do you undertake comprehensive FATCA due diligence for new customers and carry out the requisite review and remediation for the existing customers?
  • How do you build FATCA compliance infrastructure, which would be flexible, adaptable and scalable enough to meet similar future tax compliance reporting requirements of other countries?

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KYCsphere Solution

Next generation Microsoft® Azure Cloud based KYCsphere solution offering for Foreign Account Tax Compliance Act (FATCA) compliance streamlines identification of new US customers/accounts with the help of Customer On-Boarding Tool. Based on US indicia the tool identifies not only the seemingly apparent US customers/accounts among the individual account holders, but through Customer Due Diligence Tool driven process goes on to discover substantial US ownership and hidden beneficial ownerships, across complex legal entities and corporate structures. Once such customer/account relationships are identified, requisite documentation as per the customer/account classification could be requested and captured within KYCsphere. These data rich profiles with documentary evidences are routed through roles and rules based workflow within KYCsphere, across your financial institution. Further investigation could be performed with the help of Enhanced Due Diligence Tool, for high risk FATCA non-compliant customers, including the recalcitrant customers.

US indicia identified preexisting customers/accounts, are required to be further filtered, where the aggregated assets and transactions exceed the FATCA prescribed thresholds. For such cases their current profiles would require review and FATCA remediation, including attaching documentary evidences/proofs and certifications. These tasks could be performed within KYCsphere through detailed profiling to be undertaken by the operational team and if required Enhanced Due Diligence done by the compliance team. The tool further supports seeking additional information from relationship managers for high risk and the recalcitrant customers. Year end reporting of US customers’ data, including that of recalcitrant customers, is done either to the IRS directly or to the regulatory mechanism within the Foreign Financial Institution’s (FFI’s) country, as per required reporting format.

From new Customer On-boarding to monitoring existing ones and conducting Due Diligence, while offering reporting and withholding support, cloud based KYCsphere toolkit takes care of complete lifecycle of FATCA compliance. It leverages your institutions US customers/accounts current data along with provisioning for additional FATCA remediation data fields and documents to be captured, in order to feed secured FATCA repository on the cloud, dedicated for your institution. Over this repository, KYCsphere application and its underlying FATCA engine is available to perform FATCA compliance tasks across multiple lines of businesses, multiple jurisdictions and as per the requirements under multiple IGAs and treaties, in a cost effective pay-as-you-go fashion.

This cloud based KYCsphere toolkit with its dedicated FATCA repository would thus make your institution compliant in short span of time and offer regulatory flexibility to comply with similar tax compliance regulations of other countries. Your institution could achieve this without any capital expenditure and with the least of IT intervention in your existing legacy systems.

See KYCsphere tools, constituting Foreign Account Tax Compliance Act (FATCA) compliance solution, in action.

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Key Benefits

  • Build cost effective pay-as-you-go FATCA compliance centralized repository on the cloud and keep adapting and scaling it for similar constantly changing tax regulations compliance for other countries too, in the foreseeable future, without ever incurring capital expenditure, costs of software licensing, annual maintenance contracts, upgrades etc.
  • Implement single FATCA compliance platform for multiple jurisdictions, for countries with or without FATCA Inter-Governmental Agreements (IGAs).
  • Start by adding Customer On-boarding of new customers, followed by Due Diligence and FATCA remediation of the pre-existing and conclude by building FATCA reporting capabilities. Do this across your institution’s lines of businesses, geographies and classification of relationships, incrementally as per multi-year FATCA compliance deadlines.
  • On a single FATCA application platform help your compliance team collaborate with operational team, relationship managers as well as senior management, while seeking additional FATCA remediation data and documentation of pre-existing customers/accounts.
  • Prepare for FATCA compliance now and continue to be complaint in future without disrupting your current operations by making changes in the existing systems or incurring additional costs of maintenance and upgrades.

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