In 2014, the U.S. Foreign Accounts Tax Compliance Act (FATCA) went into effect, transforming the way financial institutions are now required to track and report on their clients’ financial assets. With the responsibility of reporting now in the hands of FIs across the globe, FATCA has added another complex layer of compliance and reporting requirements to the financial sector – with serious repercussions for noncompliance. For many institutions, FATCA has posed a cumbersome, time-consuming challenge, and the failure to adapt can be particularly costly.
en.SafeWatch FATCA is a modern, flexible solution to the challenges of FATCA compliance, allowing financial institutions to easily gather the information required by the U.S. Internal Revenue Services. This web-based solution simplifies the process not only of gathering information and capture data, but also of monitoring accounts for any changes. Rapidly and seamlessly deployable, en.SafeWatch FATCA boasts robust reporting capabilities, and is updated on an ongoing basis in order to ensure continuous compliance.