The NetReveal® FATCA solution provides an extensive set of capabilities required to efficiently achieve both US FATCA and Organisation for Economic Cooperation and Development Common Reporting Standard (OECD CRS) compliance requirements.
The US Foreign Account Tax Compliance Act (FATCA) was a component of the HIRE Act, enacted March 18, 2010. Key requirements of the Act include enhanced information capture for new customers, comprehensive customer identification and remediation, customer classification and contact management workflow, internal and external reporting (to the US IRS) and tax withholding.
Our NetReveal solution for FATCA provides:
- Extensions to customer due diligence (CDD) and know your customer (KYC) as part of a bank’s onboarding and monitoring process - assessment of FATCA reporting obligations at both onboarding time and an on-going basis
- Packaged FATCA workflow covering automated FATCA classification, customer remediation and documentation collection. The solution can support a bank’s existing requirements while facilitating the workflow and requirements of FATCA
- Packaged US indicia detection to automatically search electronic archives for citizenship or standing instructions to transfer funds
- 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 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.