FATCA Solution

Foreign accounts tax compliance act “FATCA”

Enacted by the US Government and designed to target tax non-compliance by US tax payers with foreign accounts.

FATCA regulatory requirements are coming into force at 1st of July 2014, calling foreign financial institutions “FFI” to enter into an agreement with the US tax authority “IRS” to identify, document and report on US tax liable entities.

SAS and DataGear FATCA solution prevents tax evasion, supports decision making for new and existing customers with no need to train front office for FATCA rules, and a pre-built workflows to identify all US indicia and take the appropriate actions to the account. Data Gear’s FATCA solution is completely satisfying the following functionalities:

  • Sufficient online customizable FATCA KYC
  • Identify US taxpayer
  • New Customer (individual, corporate)
  • Existing Customer (individual, corporate)
  • Customizable advanced workflows supports all FATCA indicia (US transfers, adressess, …, etc)
  • Online integration with core banking
  • Customizable advanced reporting for IRS and internal management reports
  • Pre-built US adresses database to validate (US adresses, PO boxes,…, etc)
  • Centeral multi-layer secuirity levels
  • Unristricted number of users
  • Document Management
  • Screening customers vs sanction lists
  • Logging all actions

 

CASE AND DICISION MANAGEMENT WORKLOW

Achieving the milestone in categorization of newly and existing customers regarding their FATCA relevance, irrelevance or recalcitrance by their indicia like citizenship, place of birth, telephones, addresses, residence, postal US address, parents nationality or standing orders to an account in USA, and taking the proper actions based on spotted indicia from deciding the needed documents to what actions should be made with the account and following the case till the IRS reporting phase.

FATCA Workflow covers:

  • Onboarding individual
  • Onboarding corporate
  • Onboarding minor
  • Base individual
  • Base corporate
  • Incoming transfers